GOLDEN, Colo., Feb. 12, 2016 /CNW/ -- Golden Minerals Company (NYSE MKT: AUMN; TSX: AUM) ("Golden Minerals" or "the Company") is pleased to announce that The Sentient Group has elected to convert a portion of the principal plus interest due under the terms of a convertible loan into common shares, effective February 11, 2016.
As previously announced, Golden Minerals received $5.0 million in a secured, one-year convertible loan from The Sentient Group on October 27, 2015. Conversion of the principal plus interest into shares of Golden Minerals common stock was approved at a special meeting of stockholders held on January 19, 2016.
The Sentient Group will convert approximately $3.9 million principal plus $0.1 million accumulated interest into 23,355,000 Golden Minerals shares. The conversion price is determined by the 15 day VWAP (volume weighted average price) immediately before the selected conversion date. After conversion, approximately $1.1 million of loan principal will remain outstanding and due at maturity on October 27, 2016. This remaining loan balance can also be converted at any time before maturity. The Sentient Group will hold approximately 49 percent of Golden Minerals' issued and outstanding shares, which will rise to approximately 76.7 million after conversion.
About Golden Minerals
Golden Minerals is a Delaware corporation based in Golden, Colorado. The Company is primarily focused on acquiring and advancing mining properties near its Velardena processing plants and the exploration of properties in Mexico and Argentina.
For additional information please visit http://www.goldenminerals.com/ or contact:
Golden Minerals Company
Director of Investor Relations
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SOURCE Golden Minerals Company