Golden Minerals (AUMN.TO) after trade Thursday said it completed the $3.5-million sale of its Silex Argentina unit to Butte Energy, while adding it is reviewing its strategic options and issued a going-concern warning.
Silex owns the El Quevar Project in Salta Province, Argentina. Butte Energy changed its name to Argenta Silver concurrent with the deal's closing.
Golden Minerals said that after the sale of the El Quevar project, it has about $3.6 million in cash and cash equivalents and around $1.6 million in accounts payable. To address its liquidity and financial stability issues it is exploring various options, including selling the company itself, finalizing the sale of Velardena Properties assets, finding buyers or partners for other assets, and seeking external financing.
The company further said that if it fails to secure additional resources, it may have to cease operations and liquidate.
Golden Minerals closed up $0.01 to $0.53 on the Toronto Stock Exchange.
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