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: May 23, 2012
(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)
(407) 566-9310
(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 1.01 Entry into a Material Definitive Agreement.
Effective May 23, 2012, the Company amended its Settlement Agreement and Payment Agreement with Duane Morris, LLP and Keli Isaacson Whitlock. As result of the amendment, the payment of the initial installment of $403,554, originally due on May 24, 2012, has been extended to July 24, 2012. In addition, commencing May 23, 2012, interest accrues on the amount due, which is $1,614,216, at the rate of 5% per annum. Except as stated above, all other terms and conditions of the referenced Settlement Agreement and Payment Agreement remain unchanged.
Please refer to the Company’s Form 8-K filed on May 27, 2011 for more specific terms and provisions of the referenced Settlement Agreement and Payment Agreement (“Initial Filing”). The Initial Filing, including the exhibits filed therewith, are incorporated by reference for all purposes.
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.
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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. | |||
| By: | /s/ Genarro Pane | ||
| Name: Genarro Pane | |||
| Title: Chief Executive Officer | |||
| Date: May 29, 2012 | |||