Past year: ▼ 33%(19.0c – 37.0c USD)
Each one in plain English, with the numbers worked through for a shareholder.
24 Mar 2010capital raising announcement▲ GoodMajor
Raised roughly $31 million in an underwritten public offering of 4,000,000 shares at $8.50, led by Dahlman Rose, Canaccord and Rodman & Renshaw.
What it means for a shareholder
4.0m new shares at US$8.50 to raise about US$31.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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19 Mar 2010listing compliance notice▲ GoodMajor
the New York Stock Exchange certified Golden Minerals Co's securities for listing, clearing them to begin trading.
13 Jan 2010capital raising announcement▲ GoodMajor
Golden Minerals completed the purchase of Hochschild's 35% of Minera El Quevar on January 7, 2010, issuing 400,000 shares plus warrants for 300,000 more. Minera El Quevar controls about 10,000 of the project's 64,000 hectares. The same day it closed the Sentient private placement, selling 844,694 shares at C$7.06.
What it means for a shareholder
844,694 new shares at C$7.06 to raise about C$6.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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5 Jan 2010material agreement▲ GoodMajor
Golden Minerals brought in Sentient Global Resources Fund as a major new shareholder through a private placement giving it 19.9% ownership, with rights to maintain that stake through the company's planned public offering and a referenced concurrent transaction with Hochschild.
29 July 2009asset acquisition disposition● Neutral
On July 23, 2009, Golden Minerals sold some of its auction rate securities through two brokerage firms for about $2.5 million, against a net book value of about $3.8 million at March 31, 2009. It expected to book a loss of about $1.3 million in its second quarter 2009 results.
30 Mar 2009asset acquisition disposition▲ GoodMajor
Apex Silver Mines completed its Chapter 11 reorganization and emerged as Golden Minerals Company (Delaware), succeeding Apex Silver as SEC registrant; the stock began OTC trading in early April 2009.
10 Mar 2009bankruptcy or receivership▼ BadMajor
The bankruptcy court confirmed the reorganization plan on March 4, 2009, resolving the Chapter 11 case filed in January. Apex Silver will sell its 65% San Cristóbal interest to Sumitomo for $27.5M cash plus $2.5M of expense reimbursements and assumed liabilities, a higher cash price than the $22.5M in the earlier non-binding proposal. Current shareholders receive no recovery and the company's ordinary shares are expected to be cancelled in a liquidation. Its assets move to a new Delaware company, Golden Minerals Company, whose roughly 3 million new shares go to the holders of the $290M convertible notes (who also share about $45M in cash) and other unsecured creditors. Effectiveness is expected around March 24, 2009, and Sumitomo can terminate if closing has not happened by March 31, 2009.
4 Mar 2009listing compliance notice● NeutralMajor
Golden Minerals Co's exchange filed to remove a class of its securities from listing.
6 Feb 2009debt financing● Neutral
The bankruptcy court approved Apex Silver's debtor-in-possession financing and it drew an initial $6.5 million, while the company filed a revised reorganization plan ahead of a March 2009 confirmation hearing.
30 Jan 2009listing compliance notice▼ BadMajor
NYSE Alternext told Apex Silver it remained non-compliant with its financial-condition listing standard and became subject to the rule on securities deemed without value. It intended to file a delisting application on or after February 2, 2009, which the company did not expect to appeal.
26 Jan 2009debt financing● NeutralMajor
Sumitomo agreed to provide Apex Silver up to $35 million in debtor-in-possession financing to keep it operating through the bankruptcy process.
13 Jan 2009bankruptcy or receivership▼ BadMajor
Apex Silver and its U.S. subsidiary filed for Chapter 11 bankruptcy, having lined up support from Sumitomo, its senior lenders and roughly 65% of its convertible noteholders for a reorganization plan built around Sumitomo acquiring San Cristobal.
29 Dec 2008listing compliance notice▼ BadMajor
NYSE Alternext warned Apex Silver it no longer met listing standards given its losses and impaired finances, and expected to begin delisting proceedings; the company said it would not appeal.
18 Dec 2008debt financing▼ BadMajor
Apex Silver said it had a non-binding letter of intent to sell its San Cristobal interest to Sumitomo for $22.5 million cash, subject to restructuring its $290 million convertible notes under Chapter 11. Sumitomo also added a fourth $25 million loan increase for MSC.
1 Dec 2008debt financing▼ BadMajor
Sumitomo increased its loan to the San Cristobal subsidiary a third time, underscoring how dependent the project had become on its minority partner's cash and deepening the potential dilution of Apex Silver's stake.
6 Nov 2008debt financing▼ BadMajor
Sumitomo's loan to the San Cristobal subsidiary was increased by another $25 million, pushing Apex Silver's potential ownership dilution further, to roughly 46% if the debt were fully converted to equity.
15 Aug 2008debt financing▼ BadMajor
With San Cristobal needing more cash, its operating subsidiary borrowed $50 million from a Sumitomo affiliate under a loan convertible into subsidiary shares - a facility that could shrink Apex Silver's indirect ownership toward roughly 53% if fully converted.
5 Aug 2008financial restatement▼ BadMajor
Apex Silver disclosed a second derivative-valuation error, this time from failing to account for its own credit risk under a new accounting standard, requiring another restatement of Q1 2008 results.
26 Sept 2007material agreement● Neutral
Apex Silver, Sumitomo and the San Cristobal project lenders amended the $225 million mine financing again, tightening terms (a bigger mandatory cash sweep, updated budget) as construction progressed.
15 Mar 2007material agreement● Neutral
Apex Silver adopted a standard indemnification agreement covering its directors and officers - routine governance housekeeping unrelated to the derivatives issue.
2 Mar 2007financial restatement▼ BadMajor
Apex Silver said it had been using the wrong method to value its metals derivative contracts tied to San Cristobal's future production, forcing a restatement of prior financial statements.
28 Sept 2006asset acquisition disposition▲ GoodMajor
Apex Silver Mines (the company later reorganized as Golden Minerals) sold a 35% stake in its San Cristobal silver-zinc-lead project in Bolivia to Sumitomo Corporation for $224 million cash plus production-linked payments, retaining 65% ownership.
