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SHAREHOLDER'S EQUITY
 3 Months Ended
Mar. 31, 2012
SHAREHOLDER'S EQUITY  
SHAREHOLDER'S EQUITY

NOTE 8   SHAREHOLDER’S EQUITY

 

At the January 19, 2012 special meeting, the shareholders approved the Second Amended and Restated Articles of Incorporation which, among other things, increased the authorized capital of the Company to 500,000,000 shares of common stock, one Share of Series A Special Voting Preferred Stock, and one share of Series B Special Voting Preferred Stock.

 

As discussed in Note 2 above, on January 24, 2012, the Company issued 127.3 million 2012 Exchangeable Shares in connection with the acquisition of Minera Andes.

 

During the three months ended March 31, 2012, 24.5 million exchangeable shares were converted into common stock, of which, 23.8 million were related to the 2012 Exchangeable Shares.  At March 31, 2012, total outstanding exchangeable shares not exchanged totaled 106.1 million.

 

On March 26, 2012, the Company announced that its subsidiary, US Gold Canadian Acquisition Corporation, has established a redemption date of May 30, 2012, in respect of all of its outstanding exchangeable shares relating to the acquisitions from 2007 (“2007 Exchangeable Shares”). As at March 31, 2012, the total outstanding 2007 Exchangeable Shares were 2.5 million, which was included in the 106.1 million noted above.

 

During the three months ended March 31, 2012, the Company issued 0.8 million shares of common stock upon exercise of stock options under the Equity Incentive Plan as well as for exercise of stock options assumed by the Company in the acquisition of Minera Andes, at exercise prices ranging from $0.91 to $3.35 per share for proceeds of $2.5 million.  During the same period, the Company issued 41,500 shares of common stock as part payment for mining concessions in Mexico.