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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
February 26, 1997
ROYAL SILVER MINES, INC.
(Exact name of registrant as specified in its charter)
UTAH
(State or other jurisdiction of incorporation)
0-25170 87-0306609
(Commission File No.) (IRS Employer ID)
10220 North Nevada
Suite 230
Spokane, Washington 99218
(Address of principal executive offices and Zip Code)
(509) 466-3144
(Registrant's telephone number, including area code)
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ITEM 5. Other Events.
On February 7, 1997, Mr. Kevin D. Stulp was appointed to the
Board of Directors of the Registrant to fill the vacancy created by
the resignation of Hal Cameron. Since August 1995, Mr. Stulp has
been an independent consultant in the fields of volume electronics
and manufacturing, general business consulting, business strategy,
business use of the Internet, automation and integration through
computers, and financial analysis. From, July 1994 to July 1995,
Mr. Stulp was Director of Manufacturing Reengineering for Compaq
Computer Corporation, Houston, Texas. From September 1992 to June
1994, Mr. Stulp was Director of Manufacturing for Compaq Computer
Corporation. From September 1986 to September 1992, Mr. Stulp was
PCA Operations Manager for Compaq Computer Corporation. From
December 1983 to September 1986 Mr. Stulp held various positions
with Compaq Computer Corporation, including industrial engineer,
new products planner, and manufacturing manager. From July 1980 to
December 1983, Mr. Stulp was a financial planner with Texas
Instruments, Houston, Texas. Mr. Stulp holds the degree of Masters
in Business Administration and the degree of Bachelor of Science
Mechanical Engineering, both from the University of Michigan, and
the degree of Bachelor of Science from Calvin College, Grand
Rapids, Michigan.
ITEM 9. Sales of Equity Securities Pursuant to Regulation S.
On the 14th day of February, 1997, the Registrant sold to
Britannia Holdings Limited ("Britannia"), Channel Islands, 335,000
Units, at US$0.75 per Unit or a total of US$251,250. The
Registrant previously granted Britannia an option to purchase an
additional 800,000 Units on March 3, 1997. The option exercise
date of March 3, 1997 has been extend by mutual agreement of the
parties to March 24, 1997. On January 30, 1997, the Registrant
sold 200,000 Units to Britannia in consideration of US$150,000 as
previously reported on Form 8-K filed with the Commission. Each
Unit consists of one share of Common Stock and one warrant to
purchase one additional share of Common Stock at US$1.25 per share.
The warrants will expire two years from the date of closing of each
transaction. The Units were issued in reliance upon the
transaction exemption afforded by Regulation S, as promulgated by
the Securities and Exchange Commission, under the Securities Act of
1933, as amended.
As of the 26th day of February, 1997, Britannia Holdings
Limited had not exercised any warrants.
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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.
ROYAL SILVER MINES, INC.
BY: /s/ Robert Jorgensen,
Vice President
DATED: February 26, 1997
