6 May 2020quarterly activities report▼ Bad
Golden Minerals Co reported quarterly revenue of $1.2 million and a net loss of $3.3 million for the period ended 2020-03-31.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
28 Apr 2020director interest notice● Neutral
Golden Minerals Co Senior VP and CFO Robert P Vogels bought 52,998 shares on the open market at $0.22.
28 Apr 2020director interest notice● Neutral
Golden Minerals Co President and CEO Warren Rehn bought 14,000 shares on the open market at $0.22.
24 Apr 2020director interest notice● Neutral
Golden Minerals Co President and CEO Warren Rehn bought 10,000 shares on the open market at $0.22.
23 Apr 2020capital raising announcement▼ BadMajor
Raised $3.0 million in a registered direct offering (15,000,000 shares) plus warrants at $0.20 per share -- pricing near the company's historic lows, with investors also getting rights to participate in up to 50% of any offering over the next year.
What it means for a shareholder
15.0m new shares at about US$0.200 to raise about US$3.0m. That's 12% dilution: every existing holder's slice gets 12% smaller. If you held US$1,000 of shares (5,000 at the issue price), your slice goes from 0.00461% to 0.00405% of the company. To keep it you'd need 692 more shares - about US$138 at the issue price.
Create a free account to see this worked out for your own holding.
21 Apr 2020securities registration● Neutral
Golden Minerals Co filed a prospectus supplement for an offering off its existing shelf.
15 Apr 2020resource reserve update▲ GoodMajor
Golden Minerals reported positive updated technical studies for Velardeña (a ten-year underground plan with bio-oxidation processing) and a first economic assessment for its Rodeo gold project, though no decision to restart production had been made.
13 Apr 2020capital raising announcement▲ GoodMajor
Granted Barrick Gold Corporation an earn-in option on the El Quevar silver project (Salta, Argentina): Barrick could earn a 70% interest by spending $10 million on exploration over eight years and delivering a pre-feasibility study -- a major-miner endorsement of the project (an option Barrick would later drop in April 2024). Separately, restructured repayment of a $1.5 million deposit owed to Compania Minera Autlan after an earlier 2019 asset-sale agreement with Autlan fell through, with the unpaid balance now accruing 12% interest.
2 Apr 2020debt financing▼ BadMajor
As the cash crunch continued into the pandemic, Golden Minerals borrowed another $1 million from Sentient (by now roughly 38% owner) in an unsecured short-term loan.
19 Mar 2020farm in farm out agreement▼ BadMajor
Magellan Gold's option to acquire Golden Minerals' Santa Maria project expired unexercised, so the expected $1 million option payment won't be received; with only about $2.2 million cash on hand, Golden Minerals cut discretionary exploration spending.
17 Mar 2020director interest notice● Neutral
Golden Minerals Co President and CEO Warren Rehn bought 15,000 shares on the open market at $0.16.
16 Mar 2020director interest notice● Neutral
Golden Minerals Co President and CEO Warren Rehn bought 30,000 shares on the open market at $0.17.
13 Mar 2020director interest notice● Neutral
Golden Minerals Co President and CEO Warren Rehn bought 11,000 shares on the open market at $0.19.
20 Dec 2019asset acquisition disposition▲ Good
Golden Minerals sold non-strategic Mogotes and Pistachon exploration concessions near Velardeña to a subsidiary of Industrias Peñoles for $3 million, a pure gain since the properties carried zero book value.
19 Dec 2019securities registration● Neutral
Golden Minerals Co filed the final prospectus for a registered offering.
6 Dec 2019material agreement● Neutral
Golden Minerals and Hecla amended their Velardeña processing lease again, temporarily cutting Hecla's per-tonne fee when silver prices and ore grades are both low, to keep the arrangement viable for Hecla.
5 Dec 2019securities registration● Neutral
Golden Minerals Co registered a securities offering with the SEC using its shelf eligibility.
13 Nov 2019quarterly activities report▼ Bad
Golden Minerals Co reported quarterly revenue of $1.9 million and a net loss of $1.8 million for the period ended 2019-09-30.
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.
7 Aug 2019quarterly activities report▼ Bad
Golden Minerals Co reported quarterly revenue of $2.0 million and a net loss of $2.5 million for the period ended 2019-06-30.
26 July 2019securities registration● Neutral
Golden Minerals Co filed notice of an exempt private placement.
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.
Create a free account to see this worked out for your own holding.
17 July 2019securities registration● Neutral
Golden Minerals Co filed a prospectus supplement for an offering off its existing shelf.
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.
21 May 2019director interest notice● Neutral
Golden Minerals Co director David Watkins received a stock option grant for 100,000 shares.
21 May 2019agm notice● Neutral
Golden Minerals Co shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
21 May 2019director interest notice● Neutral
Golden Minerals Co director Jeffrey G Clevenger received a stock option grant for 100,000 shares.
21 May 2019director interest notice● Neutral
Golden Minerals Co director William Durand Eppler received a stock option grant for 100,000 shares.
21 May 2019director interest notice● Neutral
Golden Minerals Co director Kevin R Morano received a stock option grant for 100,000 shares.