Golden Minerals Co. (AUM, AUM.TO), Friday said it has closed the offering of 4.66 million shares of common stock, including 608,250 shares issued upon full exercise of the underwriters' over-allotment option, at a public offering price of US$18.50 per share. In addition, the company closed a private placement with The Sentient Group, of an additional 1.19 million shares of common stock at the public offering price of US$18.50 per share.
An aggregate of 5.85 million shares were issued under the public offering and private placement at a price of US$18.50 per share, resulting in net proceeds to the company of about US$103.0 million after deducting underwriting discounts, placement agent fees and estimated offering expenses.
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.
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