SOURCE: Golden Minerals Company

Golden Minerals Company

March 24, 2010 14:59 ET

Golden Minerals Company Announces Closing of Offering

GOLDEN, CO--(Marketwire - March 24, 2010) -  Golden Minerals Company (NYSE Amex: AUMN) (TSX: AUM) ("Golden Minerals" or "the Company") announced today it has closed its previously announced public offering of 4,000,000 shares of common stock at a public offering price of $8.50 per share. Golden Minerals sold 3,652,234 shares and a selling stockholder sold 347,766 shares. In addition, for up to 30 days, Golden Minerals has granted the underwriters the right to purchase up to an additional 600,000 shares of common stock from the Company to cover over-allotments.

Concurrent with the public offering, the Company's largest stockholder, The Sentient Group, exercised its existing pre-emptive right and purchased in a private offering pursuant to Regulation S under the U.S. Securities Act of 1933, an additional 905,065 shares of common stock at the public offering price of $8.50 per share. 

The aggregate net proceeds to Golden Minerals from the sale of the shares in the public offering and the sale of the shares to Sentient was approximately $35.3 million after deducting underwriting discounts and commissions and estimated expenses.

Dahlman Rose & Company and Canaccord Financial Ltd. acted as joint book-running managers for the public offering, and Rodman & Renshaw, LLC acted as a co-manager in the public offering.

The public offering was made by means of a written prospectus forming part of the U.S. registration statement that was declared effective on March 18, 2010 or by means of the Canadian long form prospectus. A copy of the final U.S. prospectus relating to these securities may be obtained from Dahlman Rose & Company, LLC, Attn: Prospectus Dept., 142 West 57th Street, 18th Floor, New York, NY 10019, telephone (212) 702-4521 or email ECM@dahlmanrose.com. A copy of the Canadian long form prospectus relating to these securities may be obtained from Canaccord Financial Ltd., 161 Bay St Suite 3000, Toronto, ON Canada M5J 2S1, Attention: Amy Patel, telephone 416 869-3052 or email ecm@canaccordadams.com

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, and there shall not be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Golden Minerals

Golden Minerals, based in Golden, Colorado, is primarily engaged in the advancement of its exploration projects and in providing mine management services. The Company has a portfolio of 35 exploration projects, primarily located in Argentina, Peru, Chile and Mexico, including the advanced-stage El Quevar project in the Salta Province of northwestern Argentina and the Zacatecas project in Mexico. Golden Minerals operates the San Cristóbal mine in Bolivia for Sumitomo Corporation under a Management Services Agreement.