Golden Minerals Announces US$2.1 Million Registered Direct Offering
27 Juin 2023 - 2:00PM
Business Wire
Golden Minerals Company (“Golden Minerals”, “Golden” or the
“Company”) (NYSE American: AUMN and TSX: AUMN) is pleased to
announce that it has entered into definitive agreements for the
purchase and sale of an aggregate of 1,427,587 shares of common
stock (or common stock equivalents in lieu thereof) at a purchase
price of $1.45 per share (or common stock equivalents in lieu
thereof) in a registered direct offering. In a concurrent private
placement, the Company will issue unregistered warrants to purchase
up to 1,427,587 shares of common stock with an exercise price of
$1.90 per share which will be exercisable six months from the date
of issuance and for a period of five years following initial
exercise date. The offering is expected to close on or about June
29, 2023, subject to the satisfaction of customary closing
conditions.
H.C. Wainwright & Co. is acting as the exclusive placement
agent for the offering.
The gross proceeds from the offering are expected to be
approximately $2.1 million, prior to deducting placement agent’s
fees and other offering expenses payable by Golden. Golden intends
to use the net proceeds from the offering for working capital and
other general corporate purposes.
The shares of common stock (and common stock equivalents)
described above (but not the warrants issued in the private
placement or the shares of common stock underlying such warrants)
described above are being offered pursuant to a shelf registration
statement on Form S-3 (File No. 333-249218) that was filed with the
Securities and Exchange Commission (the "SEC") on October 1, 2020,
and declared effective on October 14, 2020. The offering of the
shares of common stock (or common stock equivalents in lieu
thereof) is made only by means of a prospectus, including a
prospectus supplement, forming a part of the effective registration
statement. A final prospectus supplement and accompanying
prospectus relating to the registered direct offering will be filed
with the SEC. Electronic copies of the prospectus supplement, when
available, may be obtained on the SEC’s website at
http://www.sec.gov and may also be obtained by contacting H.C.
Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York,
NY 10022, by phone at (212) 856-5711 or e-mail at
placements@hcwco.com
The warrants described above are being offered in a private
placement under Section 4(a)(2) of the Securities Act of 1933, as
amended (the “Securities Act”), and/or Regulation D promulgated
thereunder and, along with the shares of common stock underlying
the warrants, have not been registered under the Securities Act, or
applicable state securities laws. Accordingly, the warrants and
underlying shares of common stock may not be offered or sold in the
United States except pursuant to an effective registration
statement or an applicable exemption from the registration
requirements of the Securities Act and such applicable state
securities laws.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state or other jurisdiction.
About Golden Minerals
Golden Minerals is a gold and silver producer based in Golden,
Colorado. The Company is primarily focused on producing gold and
silver from its Rodeo Mine, advancing its Velardeña and Yoquivo
properties in Mexico and, through partner-funded exploration, its
El Quevar silver property in Argentina, as well as acquiring and
advancing selected mining properties in Mexico, Nevada and
Argentina.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, and applicable Canadian securities legislation, including
statements regarding the Company’s plan to restart mining
operations at the Velardeña properties, including the potential
timing of restart, production expectations, required capital to
restart and ramp-up operations, potential plant processing rate,
projected payable gold and silver production, operating costs and
net operating margin; the Company’s expected near-term cash needs;
collection of approximately $1.5 million in VAT accounts receivable
from the Mexican government and the need to raise additional cash
in the near-term to avoid depletion of the Company’s cash balance
early in the third quarter of 2023. These statements are subject to
risks and uncertainties, including increases in costs and declines
in general economic conditions; changes in current payable terms
for gold-bearing pyrite concentrates; changes in political
conditions, in tax, royalty, environmental and other laws in the
Mexico and other market conditions; unanticipated variations in
grade; challenges associated with our proposed mining plans,
including difficulties in controlling grade dilution; decreases in
commodity prices below those used in calculating the estimates
shown above; variations in expected recoveries; increases in
operating costs above those used in calculating the estimates shown
above; interruptions in mining; or an adverse result in the pending
Unifin lawsuit. Golden Minerals assumes no obligation to update
this information. Additional risks relating to Golden Minerals may
be found in the periodic and current reports filed with the SEC by
Golden Minerals, including the Company’s Annual Report on Form 10-K
for the year ended December 31, 2022.
Follow us at www.linkedin.com/company/golden-minerals-company/
and https://twitter.com/Golden_Minerals.
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version on businesswire.com: https://www.businesswire.com/news/home/20230626575267/en/
For additional information please visit
http://www.goldenminerals.com/ or contact:
Golden Minerals Company Karen Winkler, Director of Investor
Relations (303) 839-5060
Golden Minerals (AMEX:AUMN)
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