GOLDEN, Colo., June 13, 2016 /CNW/ -- Golden Minerals Company (NYSE MKT: AUMN;TSX: AUM) ("Golden Minerals" or "the Company") is pleased to announce that The Sentient Group ("Sentient") has elected to convert the remaining principal and interest due under the terms of a convertible loan into common stock, effective June 10, 2016. After the conversion, Golden Minerals will carry no debt on its books.
On June 10, 2016, Sentient converted approximately $1.16 million principal and accumulated interest into 4,011,740 shares of Golden Minerals common stock. The conversion price was equal to 90% of the 15-day VWAP (volume weighted average price) immediately preceding the loan's original issue date. After conversion, Sentient holds approximately 46.8 percent of Golden Minerals' 88.9 million shares of issued and outstanding common stock.
Golden Minerals initially 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. Sentient converted approximately $3.9 million principal plus $0.1 million accumulated interest into 23,355,000 Golden Minerals shares on February 11, 2016.
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
SOURCE Golden Minerals Company