Past year: ▼ 33%(19.0c – 37.0c USD)
Each one in plain English, with the numbers worked through for a shareholder.
13 Jan 2010capital raising announcement▲ GoodMajor
Completed the purchase of Hochschild Mining's 35% interest in Minera El Quevar (paying 400,000 shares plus warrants for 300,000 more), giving Golden Minerals full ownership of the El Quevar silver project in Salta, Argentina.
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
Filing under its new post-bankruptcy name, Golden Minerals Company, the reorganized entity sold auction-rate securities for about $2.5 million, roughly $1.3 million below book value - its first filing since emerging from the Apex Silver Chapter 11 case.
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.
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 escalated its delisting warning, stating it had been advised Apex Silver's stock was effectively worthless and that it intended to formally strike the shares from the exchange.
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 disclosed a non-binding plan to sell its entire San Cristobal stake to Sumitomo for just $22.5 million cash, conditioned on restructuring its $290 million convertible notes through a Chapter 11 bankruptcy - the point at which its financial distress became existential.
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.
