Raised about $31.6 million in a Wells Fargo-led unit offering (5,497,504 shares plus half-warrants) at $5.75 per unit -- well below the $18.50 pricing of 2010, as silver prices retreated from their 2011 peak.
What it means for a shareholder
5.5m new shares at about US$5.75 to raise about US$31.6m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held US$1,000 of shares (174 at the issue price), your slice goes from 0.000487% to 0.000422% of the company. To keep it you'd need 27 more shares - about US$155 at the issue price.
Golden Minerals Co shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
Golden Minerals released an updated resource estimate for its Velardeña operations in Mexico showing roughly 50% higher grades than previous estimates.
Golden Minerals' subsidiary ECU Silver and its Mexican subsidiaries prepaid and terminated their financing arrangement with IIG Capital on December 1, 2011. The payment of about US$15 million included an early termination fee of about US$475,000.
Golden Minerals filed a prospectus for a shelf registration allowing it to offer up to $250 million of debt, stock, warrants and other securities from time to time. Specific terms of any sale were to be set out in later prospectus supplements.
11 Oct 2011capital raising announcement▲ GoodMajor
Sold 4,118,150 shares to Sentient funds at $7.44 per share in a private placement, raising about $30.6 million. Sentient's stake rose from about 9.4% to about 19.9%.
What it means for a shareholder
4.1m new shares at US$7.44 to raise about US$30.6m. That's 12% dilution: every existing holder's slice gets 12% smaller. If you held US$1,000 of shares (134 at the issue price), your slice goes from 0.000426% to 0.000377% of the company. To keep it you'd need 18 more shares - about US$134 at the issue price.
SENTIENT GLOBAL RESOURCES FUND III, L.P, SGRF III PARALLEL I, L.P, SENTIENT EXECUTIVE GP III, LIMITED, SENTIENT GLOBAL RESOURCES FUND IV, L.P, SENTIENT EXECUTIVE GP IV, LIMITED reported a Golden Minerals Co shareholding of 3,939,790 shares (11.04% of votes) in a periodic institutional filing.
