Unassociated Document
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
(Date of Earliest Event Reported): May 9, 2007
DGSE
COMPANIES, INC.
(Exact
Name of Registrant as Specified in Charter)
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Nevada
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1-11048
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88-0097334
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(State
or Other Jurisdiction
of
Incorporation)
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(Commission
File Number)
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(IRS
Employer
Identification
N0.)
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2817
Forest Lane, Dallas, Texas
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75234
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(Address
of Principal Executive Offices)
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(Zip
Code)
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Registrant's
Telephone Number, Including Area Code: (972) 484-3662
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 (see General Instruction A.2. below):
x
Written
communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting
material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement
communications pursuant to Rule
14d-2(b) under
the
Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement
communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item
2.01 Completion of Acquisition or Disposition of Assets.
On
May 9,
2007 the registrant purchased all tangible and intangible of Euless Gold and
Silver, Inc. located in Euless, Texas. The purchase price paid for these assets
totaled $ 1,000,000 including $ 600,000 in cash and a two year note in the
amount of $ 400,000. The registrant has opened a new retail store in the former
Euless Gold & Silver facility in Euless, Texas and operates under the name
Dallas Gold & Silver Exchange.
Item
2.03 Creation of a direct Financial Obligation or an Obligation under an
Off-Balance Arrangement of a Registrant.
On
May
10, 2007 the registrant entered into an amendment to its credit facility with
Texas Capital Bank. The amendment increased borrowings allowed under this
facility from $ 3,000,000 to $ 3,600,000. The additional funds were initially
used for the transaction described in item 2.01 described herein.
Item
9.01 Financial Statements and Exhibits.
Exhibit
1.0
Asset
purchase agreement dated May 9, 2007 by and between DGSE Companies, Inc. and
Euless Gold & Silver, Inc.
2.0
Subordinated Promissory Note dated May 9, 2007.
3.0
Third
amendment to loan agreement dated May 10, 2007 by and between DGSE Companies,
Inc. and Texas Capital Bank.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be sign on its behalf by the undersigned hereto
duly
authorized.
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DGSE
Companies, Inc.
(Registrant)
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| May 10, 2007 |
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L.S.
Smith - Chairman and
CEO |