The proceeds of the Placement will be used to fund expanded drill programs on the Company’s silver-gold exploration projects in Mexico.
Golden Minerals Company announced today that, due to demand, the underwriter has agreed to increase the size of the previously announced offering and purchase on a firm commitment basis 17,857,143 shares of common stock of the Company, at a price to the public of $0.42 per share, less customary underwriting discounts and commissions.
H.C. Wainwright & Co. is acting as the sole book-running manager for the offering.
Greg McKenzie, President and CEO commented, “Since taking over leadership of the Company in May 2020 we are pleased to see the share price begin to strengthen, however, we are excited about the tremendous organic and strategic growth opportunities and believe that with the ongoing support of our strong shareholder base Golden Tag is well positioned to capitalize on the continued rebound in silver prices.”
The Almas project was taken over by Aura early in 2018, as result of the merger of the Company with Rio Novo Gold.
VanGold intends to use the net proceeds from the Financing to accelerate the development of the El Pinguico silver and gold project in Guanajuato, Mexico, and for general corporate and working capital purposes. Specifically, the Company intends to initiate an underground drilling campaign to target extensions of high-grade in-situ silver and gold epithermal veins and stockworks.
“The El Niño mine continues to perform at the high-end of expectations”, stated Ewan Downie, Chief Executive Officer of Premier, “Both South Arturo and Mercedes have accumulated ore stockpiles to be processed during the third quarter and a modified mine plan, designed to increase mining efficiency and expand operating margins, has been implemented at Mercedes.”
IMPACT Silver Corp. At the request of IIROC, wishes to confirm that the Company’s management is unaware of any material change in the Company’s operations that would account for the recent increase in market activity.
Mexico-based steelmaker Altos Hornos de México (AHMSA) is reportedly seeking a merger or partnership with Grupo Villacero, another steel company based in Mexico, to help it avoid bankruptcy.
Mexican mining company Compania Minera Autlan has registered at least 84 cases of the novel coronavirus in the central state of Puebla, an official and a source with knowledge of the matter said on Monday.
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