Form 8-K - Current report
December 07 2023 - 4:02PM
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM 8-K
Current Report
Pursuant to
Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): December 1, 2023
GOLDEN MINERALS COMPANY
(Exact name of registrant as specified in its
charter)
delaware |
1-13627 |
26-4413382 |
(State or other jurisdiction of
incorporation or
organization) |
(Commission
File Number) |
(I.R.S. Employer
Identification Number) |
350 Indiana Street, Suite 650
Golden,
Colorado 80401
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including
area code: (303) 839-5060
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.
below):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to
Section 12(b) of the Act:
Title of each class |
|
Trading
Symbol(s) |
|
Name of each exchange on which registered |
Common Stock, $0.01 par value |
|
AUMN |
|
NYSE American |
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (17 CFR §240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate
by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
TABLE OF CONTENTS
Item 1.01 | Entry into a Material Definitive Agreement. |
On December 1, 2023, Golden Minerals Company
(the “Company”) completed the previously announced sale (the “Sale”) of the Company’s 100% interest in the
Santa Maria mining claims located in Chihuahua State, Mexico to Transformaciones y Servicios Metalurgicos S.A. DE C.V. (“TSM”)
pursuant to the Contract of Assignment of Mining Rights, dated as of December 1, 2023 (the “Agreement”). In connection
with the Sale, the Company received $1.5 million in cash and $0.24 million in Value-Added Tax (“VAT”). Furthermore, TSM (i) granted
the Company a 1.5% net smelter return (“NSR”) royalty on the Santa Maria concession up to a cap of $1.0 million and (ii) may
purchase from the Company the right to receive the NSR royalty for $500,000 at any time prior to the commencement of commercial production
on the Santa Maria property by TSM.
The foregoing description of the Agreement does
not purport to be complete and is qualified in its entirety by the full text of the Agreement, a copy of which will be filed as an exhibit
to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
Item 2.01 | Completion of Acquisition or Disposition of Assets. |
The disclosure in Item 1.01 of this Current Report
on Form 8-K is hereby incorporated by reference into this Item 2.01.
Item 7.01 | Regulation FD Disclosure. |
On December 5, 2023, the Company issued a
press release announcing the completion of the Sale. A copy of the press release is attached hereto as Exhibit 99.1.
The information contained in Item 7.01 of this
Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18
of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor
shall it be deemed incorporated by reference in any filing by the company under the Securities Act of 1933 or the Exchange Act, except
as shall be expressly set forth by specific reference in such filing.
Item 9.01 | Financial Statements and Exhibits. |
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: December 7, 2023
|
Golden Minerals Company |
|
|
|
|
|
By: |
/s/
Julie Z. Weedman |
|
|
Name: |
Julie Z. Weedman |
|
|
Title: |
Senior Vice President and Chief Financial Officer |
Exhibit
99.1
Golden
Minerals Completes Sale of Santa Maria Gold-Silver Property
GOLDEN, CO - /BUSINESS WIRE/ - December 5,
2023 – Golden Minerals Company (“Golden Minerals,” “Golden” or the “Company”) (NYSE-A: AUMN
and TSX: AUMN) is pleased to announce that on December 1, 2023, it completed the previously-announced sale of its interests in the
Santa Maria gold-silver property located in Chihuahua State, Mexico to Transformaciones y Servicios Metalurgicos S.A. DE C.V. (“TSM”).
Upon closing, the Company has received (all figures
in USD) $1.50 million plus $0.24 million in Value Added Tax (“VAT”). The Company is permitted to keep the VAT and use it
to offset its current VAT receivable.
In addition, sales terms include:
| - | TSM
has granted Golden a 1.5% net smelter return (“NSR”) royalty on the Santa Maria
concession, capped at $1 million. |
| - | TSM
may purchase from Golden the right to receive the NSR royalty for $0.5 million at any time
prior to TSM beginning commercial production at Santa Maria. |
About Golden Minerals
Golden Minerals is a gold and silver mining company
based in Golden, Colorado. The Company is primarily focused on resuming production at its Velardeña Properties and advancing its
Yoquivo property in Mexico, and, through partner-funded exploration, advancing its El Quevar silver property in Argentina. The Company
is also focused on acquiring and advancing selected mining properties in Mexico, Nevada and Argentina.
Follow us at www.linkedin.com/company/golden-minerals-company/ and https://twitter.com/Golden_Minerals.
For additional information, please visit http://www.goldenminerals.com/
or contact:
Golden Minerals Company
Karen Winkler, Director of Investor Relations
(303) 839-5060
SOURCE: Golden Minerals Company
Page 1 of 1
GOLDEN MINERALS COMPANY
350 Indiana Street – Suite 650 –
Golden, Colorado 80401 – Telephone (303) 839-5060
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