Dec 2 (Reuters) - Us Oil Sands Inc USO.V
* US Oil Sands Inc announces $7.5 million financing and PR spring project update
* US Oil Sands says to preserve working capital, co temporarily laid off most Canadian and U.S. employees, retaining only those essential to close financing
* US Oil Sands Inc says upon closing financing, co will reconstitute board of directors such that number of directors will decrease from eight to six
* Upon closing financing, ACMO will increase its representation on board from two to three directors Source text for Eikon: Further company coverage: USO (NYSE:USO).V