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SHAREHOLDERS' EQUITY
 6 Months Ended
Jun. 30, 2012
SHAREHOLDERS' EQUITY  
SHAREHOLDERS' EQUITY

NOTE 8   SHAREHOLDERS’ EQUITY

 

At the special meeting on January 19, 2012, 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, and added 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 six months ended June 30, 2012, 45.4 million exchangeable shares were converted into common stock, of which 42.2 million were related to the 2012-Exchangeable Shares.  At June 30, 2012, total outstanding exchangeable shares not exchanged totaled 85.1 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 of May 30, 2012, 2.5 million of the remaining 2007-Exchangeable Shares were redeemed for issuance of 2.5 million shares of common stock and there were nil outstanding as at June 30, 2012.

 

During the six months ended June 30, 2012, the Company issued 1.2 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 $3.3 million.  During the same period, the Company issued 41,500 shares of common stock as part payment for mining concessions in Mexico.