Key Developments: Golden Minerals Co (AUMN.A)
1.61USD
2:19pm EDT
$-0.05 (-3.01%)
$1.66
$1.64
$1.64
$1.59
15,673
54,345
$7.18
$1.46
Latest Key Developments (Source: Significant Developments)
Golden Minerals Co Announces Sale Of Exploration Property To Compania de Minas Buenaventura S.A.A
Golden Minerals Co announced the sale of exploration properties in Peru for approximately $4.8 million. The Company has entered into an agreement to sell the properties to Compania de Minas Buenaventura S.A.A. for $4.3 million, and has completed transactions for approximately $3.5 million of that amount. The sale of the remaining $0.8 million in exploration properties to Buenaventura is conditioned on the receipt of third party consents by February 28, 2013. In addition, the Company sold other exploration properties in November 2012 to another third party for $0.5 million. The Company has closed exploration office in Peru. Full Article
Golden Minerals Co Announces Closing Of Equity Financing
Golden Minerals Co announced that it has closed its previously announced underwritten offering of 5,497,504 units, comprised of one share of common stock and a five year warrant to acquire one half of a share of common stock at an exercise price of USD8.42 per share, at a price of USD5.75 per unit, before underwriting discounts. Wells Fargo Securities acted as sole underwriter for the offering. In addition, the Company has closed its previously announced private placement with The Sentient Group, the Company's stockholder, pursuant to which Sentient has purchased, in a private offering pursuant to Regulation S under the U.S. Securities Act of 1933, a total of 1,365,794 units, comprised of one share of common stock and a five year warrant to acquire one half of a share of common stock at an exercise price of USD8.42 per share, at a price of USD5.4625 per unit, the same price paid by Wells Fargo Securities in the underwritten offering. The aggregate net proceeds to Golden Minerals from the sale of the shares in the offering and the private placement was approximately $37.0 million after deducting discounts, commissions and estimated expenses. Full Article
Golden Minerals Co Announces Equity Financing
Golden Minerals Co announced that it has entered into an underwriting agreement with Wells Fargo Securities to sell 5,497,504 units, comprised of one share of common stock and a five year warrant to acquire one half of a share of common stock at an exercise price of USD8.42, at a price of USD5.75 per unit, for gross proceeds of USD31.6 million. Net proceeds, after underwriting discounts and estimated offering costs, will be approximately USD29.5 million. Golden Minerals intends to use the net proceeds from the offering to continue the further development and incremental expansion of the Velardena Operations in Mexico, including mine development, mine equipment acquisitions and plant upgrades in connection with the planned ramp-up to 850 tonnes per day throughput, engineering, design and other work related to the planned expansion to 1,150 tonnes per day and for working capital and other general corporate purposes. The underwritten offering is expected to be completed on September 19, 2012. Full Article
Golden Minerals Co Announces Sale Of Platosa Royalty For $2.4 Million To Excellon Resources Inc
Golden Minerals Co announced the sale of the Company's 1% net smelter royalty interest in the Platosa property to Excellon Resources Inc. (Excellon) for $2.4 million. The Platosa property, which is located north of Torreon, Mexico, is a silver, lead and zinc mine owned by Excellon. At current metal prices, the Company was realizing approximately $400,000 per year in royalty payments. Closing of the transaction is anticipated within thirty days with an effective date of June 1, 2012. Full Article
Golden Tag Resources Ltd. And Golden Minerals Company Amend San Diego Joint Venture Terms
Golden Tag Resources Ltd. and Golden Minerals Company jointly announced the signing of an amendment to a 2005 Joint Venture Agreement (JVA) governing their San Diego silver exploration project. Golden Minerals holds its interest in the JV through ECU Silver, now a wholly owned subsidiary. Under the JVA amendment, Golden Tag has acquired the right to increase its interest in the JV to 60% by solely funding USD3 million of additional exploration expenses within the next 24 months. In order to increase to 60%, Golden Tag must incur and solely fund at least US $1 million of exploration costs in the first 12 month period and at least USD500,000 of costs in each of the final two six month periods. Golden Tag will become the designated operator of the JV for the additional programs and beyond as long as it completes the required funding in a timely manner. Under the 2-year amendment, exploration costs by Golden Tag are optional, except for mandatory costs related to keeping the property in good standing. As part of the JV amendment Golden Tag and ECU Silver have enhanced the mutual piggyback rights contained in the JVA so that each party has the right to require the other to include it in a transaction involving a direct or indirect sale of 100% of the San Diego project if the transaction meets certain minimum requirements and in addition Golden Tag can require that ECU participate in such a sale. Full Article
Golden Minerals Co Announces Private Placement And Filing Of Shelf Registration
Golden Minerals Co announced that the Company has agreed to sell, in a private offering pursuant to Regulation S under the U.S. Securities Act of 1933 and pursuant to an exemption from the prospectus requirement of applicable Canadian securities laws, 4,118,150 shares of its common stock to The Sentient Group (Sentient), at a price of $7.44 per share, the closing price of the Company's stock on the NYSE Amex on September 30, 2011. The transaction is expected to close on or before October 7, 2011, and is expected to provide net proceeds of approximately $30.6 million to the Company. Following the completion of the transaction, Sentient will hold approximately 19.9% of Golden Minerals' outstanding common stock. The Company expects to use the proceeds of the offering to advance its Velardena mining operations in Mexico, including mine development and optimization and work towards the anticipated expansion of those operations, to advance the exploration and evaluation of its El Quevar project in Argentina, and for general corporate purposes. The Company also announced the filing on September 30, 2011 of a shelf registration statement with the U.S. Securities Exchange Commission. When the registration statement is effective, the Company would be able to offer up to $250.0 million in various debt or equity securities although there are no current plans to do so. Full Article
Golden Minerals And ECU Silver Announces Closing Of Business Combination
Golden Minerals and ECU Silver Mining Inc. announced the closing of their previously disclosed business combination by way of a court-approved plan of arrangement under the Business Corporations Act (Quebec) (the Arrangement). Following the issuance on August 31, 2011 of a final order of the Superior Court of Quebec approving the Arrangement, Golden Minerals and ECU filed Articles of Arrangement to give effect to the Arrangement. At closing, each ECU common share was exchanged for the right to receive 0.05 of a share of Golden Minerals common stock and $0.000394 in cash, and ECU became a wholly-owned subsidiary of Golden Minerals. In addition, new Golden Minerals options to purchase Golden Minerals common stock will be exchanged for all outstanding ECU options to purchase ECU common shares, and new Golden Minerals warrants to purchase Golden Minerals common stock will be exchanged for all outstanding ECU warrants to purchase ECU common shares. The Golden Minerals common stock issued to former ECU shareholders in connection with the Arrangement is expected to begin trading on the NYSE Amex and the Toronto Stock Exchange (TSX) on or about September 6, 2011. The Golden Minerals replacement warrants expiring on February 20, 2014 issued in connection with the Arrangement to former holders of ECU Warrants expiring on February 20, 2014 are expected to begin trading on the TSX on or about September 7, 2011. ECU's common shares and warrants will be delisted from the TSX. Full Article
Golden Minerals Co And ECU Silver Mining Inc. Announces Merger
Golden Minerals Company and ECU Silver Mining Inc. announced that they have entered into a definitive agreement to combine the two companies creating a new junior silver mining company with a portfolio of growth projects, primarily in Mexico and Argentina. The combined company will retain the Golden Minerals name and remain headquartered in Golden, Colorado. The combination of Golden Minerals and ECU (the "Transaction"), which represents a merger of equals, has been unanimously agreed to by the boards of directors of Golden Minerals and ECU, and both Boards of Directors will be recommending that their respective shareholders vote in favor of the proposed Transaction. Under the terms of the Transaction, which will be structured as a plan of arrangement under the Quebec Business Corporations Act, each ECU share will be exchanged for 0.05 Golden Minerals shares and $0.000394 in cash. Upon completion of the Transaction, existing Golden Minerals shareholders and ECU shareholders will own approximately 49% and 51%, respectively, of the outstanding common stock of the combined company. Full Article
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