Golden Minerals (AUM-T) Sept 5, '14 has priced a public offering of up to 3,692,000 units, each comprising one share of its common stock and a five-year warrant to acquire one-half of a share of its common stock at an exercise price of $1.21 (U.S.) per share, at a unit price of 86 cents, for gross proceeds of $3.2-million (U.S.), of which 3.16 million units are firmly committed and 532,000 units are being offered on a best-efforts basis. After the underwriting and placement discount, respectively, and estimated offering expenses payable by the Company, Golden Minerals expects, presuming issuance of 3,692,000 units, to receive net proceeds of approximately $2.7 million. The offering is expected to close on September 10, 2014, subject to customary closing conditions.
Roth Capital Partners is acting as the sole book-running manager for the offering and H.C. Wainwright & Co., LLC is acting as co-manager for the offering.
Golden Minerals intends to use the net proceeds from the offering for exploration expenditures primarily related to properties in Mexico, and for other working capital requirements and general corporate purposes.
The units described above are being offered by Golden Minerals pursuant to a shelf registration statement on Form S-3, including a base prospectus, previously filed with, and declared effective by, the Securities and Exchange Commission ("SEC"). A prospectus supplement relating to the offering has been filed with the SEC and is available on the SEC's website at sec.gov.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Copies of the preliminary prospectus supplement and accompanying base prospectus relating to this offering may be obtained from Roth Capital Partners, 888 San Clemente Drive, Suite 400, Newport Beach, CA 92660, (800) 678-9147 or by accessing the SEC's website, www.sec.gov.
The Sentient Group, the Company's largest stockholder, has informed the Company that it intends to purchase, in a private offering pursuant to Regulation S under the U.S. Securities Act of 1933, approximately 5.8 million units, each 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 US$1.21, at a unit price of US$0.86, for gross proceeds of US$5.0 million. Net proceeds of the private offering, after discounts and estimated offering costs, would be approximately US$4.6 million. The Company intends to use the proceeds of the private offering for the purposes described above. The Company expects the private offering to be completed on or about September 10, 2014, subject to certain conditions including the conditions specified above.
Golden Minerals Company
Karen Winkler
Director of Investor Relations
303-839-5060 |
