UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report: January 7, 2011
(Date of earliest event reported)
U.S. PRECIOUS METALS, INC.
(Exact name of registrant as specified in its charter)
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Delaware | 000-50703 | 14-1839426 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer I.D. No.) |
15122 Tealrise Way, Lithia, FL 33547
(Address of Principal Executive Offices)
(813) 260-1865
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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[ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
[ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
[ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
[ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 6, 2011, John Gildea was appointed to the Company’s Board of Directors. There are no arrangements or understandings between Mr. Gildea and any other persons, pursuant to which such director was selected as a director. Except as stated herein, there are no transactions since May 31, 2010 nor are any transactions pending involving the Company and Mr. Gildea (or any related parties) in amount exceeding $120,000.
Mr. Gildea was granted stock options to acquire 1,000,000 shares of common stock of the Company each at an exercise price of $0.069, all of which have been vested. The options expire five years from the date of grant unless sooner terminated by resignation or removal.
Mr. Gildea’s, age 39, is involved in companies in the US and in Europe and have developed a network of high new worth clients with an appetite for the companies Mr. Gildea brings to the table.
When Mr. Gildea get’s involved he puts a large degree of time and effort into whatever project is in front of his team.
This Current Report on Form 8-K may contain, among other things, certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, (i) statements with respect to the Company’s plans, objectives, expectations and intentions; and (ii) other statements identified by words such as “may”, “could”, “would”, “should”, “believes”, “expects”, “anticipates”, “estimates”, “intends”, “plans” or similar expressions. These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. These forward-looking statements involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company’s control), including, without limitation, the Company’s ability to increase prices and revenue and continue to obtain contract renewals and extensions.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| U.S. PRECIOUS METALS, INC. |
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| By: | /s/ Jack Wagenti |
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| Name: Jack Wagenti |
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| Title: Chairman of the Board |
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| Date: January 7, 2011 |
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