Golden Minerals Company, a prominent player in the gold and silver mining sector, revealed today the pricing details of its highly anticipated public offering. The company is set to issue a total of 6 million shares of its common stock, along with Series A and Series B warrants, allowing for the purchase of up to 6 million and 3 million shares of common stock respectively. This substantial offering comes with a public price tag of $0.70 per share of common stock and the accompanying warrants.
In light of this announcement, the stock of Golden Minerals is experiencing a notable downturn in the market.
At the time of this publication, Golden Minerals Co stock (AUMN) has witnessed a decline.
Golden Minerals Co
Current Price: $0.53
Change : -0.37
Change (%): (-41.07%)
Volume: 4.2M
Source: Tomorrow Events Market Data
The Series A warrants are slated to be offered at an exercise price mirroring the public offering price of $0.70 per share. These warrants will be immediately exercisable and will maintain their validity for a five-year period from the initial exercise date. Conversely, the Series B warrants will share the same exercise price of $0.70 per share, be instantly exercisable, but will have a shorter validity, expiring 18 months after the initial exercise date. The anticipated closing of this offering is projected to take place around November 8, 2023, contingent on the fulfillment of customary closing conditions.
To oversee this substantial undertaking, H.C. Wainwright & Co. has been appointed as the exclusive placement agent for the offering.
It is anticipated that the gross proceeds from this offering will reach an approximate total of $4.2 million, prior to accounting for placement agent fees and other associated offering expenses borne by Golden. The net proceeds stemming from this venture are earmarked for allocation towards working capital and other fundamental corporate objectives.
The securities in question are being made available pursuant to a registration statement on Form S-1 (File No. 333-274403), which was initially submitted to the Securities and Exchange Commission (SEC) on September 7, 2023, and subsequently granted effective status on November 6, 2023.
