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Golden Minerals closes public offering and private placement raising net proceeds of US$103 million

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Overview

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Golden Minerals Company

On October 22, 2010, Golden Minerals Company ("Golden Minerals" or the "Company") announced that it had closed its previously announced public offering of shares of common stock, including shares issued upon full exercise of the underwriters' over-allotment option. Concurrent with the public offering, Golden Minerals closed a private placement with its largest stockholder, The Sentient Group. Including the over-allotment shares purchased by the underwriters and the private placement shares, an aggregate of 5,853,281 shares were issued under the public offering and private placement at a price of US18.50 per share, resulting in net proceeds to Golden Minerals of approximately US$103 million. The Company expects to use the net proceeds primarily to fund continued exploration and development of the El Quevar project, including exploration drilling, underground drifting, and related technical engineering and project assessment, in connection with the completion of a feasibility study. Canaccord Genuity Corp. served as the sole book-running manager and Dundee Securities Corporation, Haywood Securities Inc., Rodman & Renshaw, LLC, Roth Capital Partners and Scarsdale Equities LLC were co-managers for the offering. Golden Minerals was advised in these transactions by Fasken Martineau with a team led by John Sabetti and including Alex Nikolic and Francesco Tallarico (corporate/securities) and Mitchell Thaw (tax).

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