Americas Gold and Silver Corporation Provides Update – Announces Defeat of Proposed Class Action and Ratified Collective Bargaining Agreements
Americas Gold and Silver Corporation (TSX: USA) (NYSE American: USAS) (“Americas” or the “Company”), a growing North American precious metals producer, is pleased to announce that the Ontario Superior Court of Justice has ruled that the putative class action lawsuit brought against the Company and its Chief Executive Officer in the summer of 2021 cannot proceed. The action sought damages relating to the Company’s public disclosure concerning its Relief Canyon Mine. The Company has always believed that the complaint was without merit and is pleased with the court’s findings with respect to the company’s public disclosure.
In its decision, the Court dismissed the plaintiff’s motion for leave to commence a secondary market claim under the Ontario Securities Act. The Court found that the plaintiff failed to present credible evidence to establish a reasonable possibility that the action will be resolved in the plaintiff’s favour. The court also dismissed the plaintiff’s motion to certify and prosecute their claims as a class proceeding, finding that the plaintiff failed to meet the threshold of presenting “some basis in fact” for the claims of liability. The decision can be found at www.americas-gold.com using the following link:
https://americas-gold.com/site/assets/files/5769/citation.pdf
As there will not be an appeal, the decision brings this proposed class action to an end.
The Company is also pleased to announce that the Galena Complex and its unionized workers have ratified a new 3-year collective bargaining agreement. Unionized workers at the Cosalá Operations also recently ratified a collective bargaining agreement. These agreements support continued stable operations during a period of forecasted production growth as the Galena Hoist project nears completion and the Cosalá Operations increase production of the higher-grade silver Upper Zone.
“I am extremely pleased that the Court determined that the plaintiff’s action could not proceed and that the Company can move forward to focus on value creation from our large silver-rich resource base,” stated Americas President and CEO Darren Blasutti. “In addition, with new collective bargaining agreements for unionized workers at the Galena Complex and Cosalá, the operations should benefit from stable operations during a period of forecasted production growth. The Galena Hoist project is expected to be fully installed and begin its commissioning in December. The Galena Hoist project will add operational flexibility and should significantly increase production at the operation moving forward. The Company anticipates a strong finish to the year in Q4-2022 with silver equivalent production for the year expected to be meet or exceed the upper end of the guidance range of 4.8 to 5.2 million ounces.”
0 Kommentare
| 
