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: September 20, 2011
(Date of earliest event reported)
U.S. PRECIOUS METALS, INC.
(Exact name of registrant as specified in its charter)
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:
[ ] | 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.
Appointment of Officers.
On October 3, 2011, the Board of Directors appointed Gennaro (Jerry) Pane as the Company’s interim Chief Executive Officer. Mr. Pane also remains a member of the Company’s Board of Directors.
As consideration for his services in such capacity, the Board of Directors granted Mr. Pane 500,000 options to purchase at $0.20 per share the Company’s common stock.
On September 20, 2011, the Board of Directors appointed Mr. Daniel H. Luciano as the Company’s Chief Operating Officer, replacing Mr. Sheldon Baer. Both Mr. Baer and Mr. Luciano will continue to serve as a member of the Company’s Board of Directors.
As of the date of this Report, except as stated herein, the Company has no written or oral agreements with any of the above officers regarding compensation or any other form of remuneration. Any compensation paid to an officer is a result of an agreement between the parties. There are no family relationships between the above named officers and any other officers and/or directors. Except as stated herein, there have been no transactions since the beginning of our last fiscal year, or any currently proposed transaction, in which we were or are to be a participant, exceeding $120,000 and in which our new officer had or will have a direct or indirect material interest. There is no material plan, contract or arrangement (whether or not written) to which the above named officers are a party or in which each party participates that is entered into or a material amendment in connection with the triggering event or any grant or award to any such covered person or modification thereto, under any such plan, contract or arrangement in connection with any such event.
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.
| 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: October 5, 2011 |
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