On December 1, 2011, Golden Minerals Company’s (the “Company”) wholly-owned subsidiary ECU Silver Mining Inc. (“ECU”) and its Mexican subsidiaries terminated their financing arrangement with IIG Capital LLC (“IIG”), as representative of The IIG Trade Opportunities Fund N.V. and/or The Venezuela Recovery Fund N.V., by prepaying the loan previously reported on the Company’s Form 8-K filed September 9, 2011. The Company paid to IIG, thereby terminating the obligations of ECU and its Mexican subsidiaries under the financing arrangement, approximately US$15,000,000, which included an early termination fee of approximately US$475,000. In connection with the prepayment, ECU and its Mexican subsidiaries entered into customary loan termination documents.
ECU and its subsidiaries became subsidiaries of the Company, effective September 2, 2011, upon consummation of an Arrangement Agreement, dated June 24, 2011, between the Company and ECU.
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