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Golden Minerals Company completes US$4 million offering

Fasken
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Golden Minerals Company

On May 2, 2016, Golden Minerals Company (the “Company”) entered into an agreement with four institutional investors through a registered direct offering as well as a private placement transaction. Under the Offering, the Purchasers purchased 8,000,000 units for gross proceeds of US$4 million, with each unit consisting of one common share of the Company and one warrant to purchase three-quarters of one common share of the Company. The price per unit was US$0.50. The Warrants have an exercise price of US$0.75 per common share, and will be exercisable on the later of six months plus one day from the date of issuance and the date of shareholder approval to increase the number of authorized shares of the Company, and will expire five years from such initial exercise date. The Offering was conducted by Rodman & Renshaw, a unit of H.C. Wainright & Co., LLC in the United States. The Company intends to use the proceeds for exploration and development expenditures for the Company's San Luis del Cordero property, the Santa Maria property, or for acquisition, exploration, and development of other exploration or development properties in Mexico, setting aside funds for repayment of the Sentient loan upon maturity, and for other working capital requirements and general corporate purposes. Fasken Martineau acted as Canadian counsel on the transaction, with a team led by John Sabetti including Ryan Mapa.

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