Past year: ▼ 33%(19.0c – 37.0c USD)
Each one in plain English, with the numbers worked through for a shareholder.
11 Sept 2019debt financing▼ BadMajor
The planned $22 million sale of the Velardeña properties to Compañía Minera Autlán fell through, terminated under its own terms after Autlán's due-diligence period - a setback to Golden Minerals' divestiture plan.
23 Aug 2019listing compliance notice▼ BadMajor
NYSE American warned Golden Minerals it had fallen below the minimum stockholders' equity required for continued listing after five straight years of losses, giving it until September 2019 to submit a compliance plan.
19 July 2019capital raising announcement▼ BadMajor
Raised $2.25 million selling 8,653,846 shares at $0.26 through H.C. Wainwright, with matching Series A warrants at $0.35. The same investors' May 2016 warrants, which still had until November 2021 to run at $0.75, were swapped one-for-one for 4.5 million new warrants at $0.35 - a repricing rather than a rescue of expiring paper, and further dilution on top of the placement.
What it means for a shareholder
8.7m new shares at US$0.260 to raise about US$2.3m. That's 8.1% dilution: every existing holder's slice gets 8.1% smaller. If you held US$1,000 of shares (3,846 at the issue price), your slice goes from 0.00392% to 0.0036% of the company. To keep it you'd need 339 more shares - about US$88 at the issue price.
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27 June 2019material agreement▲ GoodMajor
Golden Minerals agreed to sell its Velardeña properties - the mines, processing plants and adjacent Rodeo/Santa Maria concessions - to Compañía Minera Autlán for $22 million, a major planned divestiture of its core Mexican asset base.
23 Nov 2018material agreement● Neutral
Golden Minerals extended its at-the-market equity facility with H.C. Wainwright through December 2020.
4 Oct 2018auditor change● Neutral
Golden Minerals' auditor EKS&H merged into Plante & Moran, which became the company's new independent auditor as a result - a firm-level change rather than a dismissal.
6 Sept 2018material agreement▲ Good
Golden Minerals sold its remaining interest in the Celaya exploration property in Mexico to an Electrum Group affiliate for $3 million, monetizing another non-core asset.
9 May 2018capital raising announcement▼ Bad
Sold 3,153,808 shares to Lincoln Park Capital for just $1.3 million ($0.4122/share) under its equity line -- another small, dilutive raise reflecting continued financial distress.
3 Aug 2017capital raising announcement▲ GoodMajor
Granted lessee Hecla Mining Company an option to extend its Velardeña oxide-plant lease by up to two more years (through end-2020) in exchange for a $1.0 million upfront cash payment plus a further $1.0 million purchase, extending a cash-generating relationship that had let Golden Minerals monetize idle processing capacity.
20 Dec 2016material agreement● Neutral
Golden Minerals set up an at-the-market equity sales facility with H.C. Wainwright allowing it to raise up to $5 million by selling shares incrementally into the market as needed.
5 Aug 2016material agreement▲ Good
Golden Minerals sold its remaining 50% stake in the San Diego silver exploration property to joint-venture partner Golden Tag Resources for cash, shares and a royalty, ending the JV and leaving Golden Minerals holding about 10% of Golden Tag.
14 June 2016capital raising announcement● Neutral
Sentient converted the remaining roughly $1.2 million balance of its 2015 secured note into 4,011,740 shares at $0.29, fully retiring the note.
6 May 2016capital raising announcement▼ BadMajor
Raised $4.0 million in a registered direct offering plus warrants at $0.50 per share -- still deep in penny-stock territory.
18 Feb 2016capital raising announcement▼ BadMajor
Sentient converted about $4.0 million of principal and interest on its 2015 $5 million secured note into 23,355,000 shares at roughly $0.17 -- steep dilution at a distressed share price.
18 Nov 2015material agreement● Neutral
Golden Minerals picked up mining rights to the small Santa Rosa vein near its Velardeña property from a Prospero Silver subsidiary, paying $140,000 upfront plus ongoing royalties.
29 Oct 2015debt financing▼ BadMajor
Golden Minerals borrowed $5 million from Sentient Global Resources Fund IV (successor to its earlier Sentient investor, now roughly 27% owner) via a convertible note - continued reliance on its largest shareholder to fund operations through the mining downturn.
20 July 2015material agreement▲ GoodMajor
With its own mining paused, Golden Minerals leased its idle Velardeña oxide processing plant to Hecla Mining's Mexican subsidiary for 18 months, generating fee income from someone else's ore.
10 Sept 2014capital raising announcement▼ BadMajor
Raised about $3.2 million in a Roth Capital-led unit offering at just $0.86 per unit -- a steep drop from 2012 pricing, reflecting the deepening silver bear market and the company's worsening finances.
15 Aug 2013auditor change● Neutral
Golden Minerals switched auditors from PricewaterhouseCoopers to EKS&H following a review process, with no disagreements reported.
19 Sept 2012capital raising announcement▼ BadMajor
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.
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22 May 2012resource reserve update▲ GoodMajor
Golden Minerals released an updated resource estimate for its Velardeña operations in Mexico showing roughly 50% higher grades than previous estimates.
6 Dec 2011material agreement termination● Neutral
Now that ECU Silver was a subsidiary (the arrangement closed in September 2011), Golden Minerals paid off and terminated ECU's existing $15 million financing facility with IIG Capital, incurring a roughly $475,000 early-termination fee.
11 Oct 2011capital raising announcement▲ GoodMajor
Sold 4,118,150 shares to Sentient at $7.44 for about $30.6 million, taking Sentient's stake to roughly 19.9% -- the point at which Sentient became the company's largest shareholder.
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.
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9 Sept 2011business combination▲ GoodMajor
Completed its acquisition of ECU Silver Mining Inc. via a plan of arrangement, issuing replacement stock options and warrants to former ECU securityholders.
19 July 2011material agreement● Neutral
Ahead of closing the ECU Silver acquisition, Golden Minerals provided ECU a C$15 million interim convertible-note loan to keep it funded through the deal.
30 June 2011business combination▲ GoodMajor
Golden Minerals agreed to acquire ECU Silver Mining Inc. in a Canadian court-approved share-and-cash arrangement, expanding its Mexican silver holdings.
26 Oct 2010capital raising announcement▲ GoodMajor
Sold 1,190,031 shares to major shareholder Sentient Global Resources Fund at $18.50 for about $22 million, continuing to build Sentient's stake in the company.
12 Oct 2010capital raising announcement▲ GoodMajor
Raised roughly $75 million more in an underwritten public offering of 4,055,000 shares at $18.50 -- more than double the March 2010 price, as silver prices rallied.
What it means for a shareholder
4.1m new shares at US$18.50 to raise about US$75.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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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.
