This is a direct quote from the original press release, please read it before making any more wrong statements on the $15 million and production:
Private placement
In connection with the transaction, ECU and Golden Minerals have entered into a definitive subscription agreement pursuant to which ECU will issue to Golden Minerals $15-million principal amount, 0.0-per-cent senior unsecured convertible notes at par in a private placement. Subject to regulatory approval, the notes will mature on June 30, 2012 (subject to extension as described below), and will be convertible by Golden Minerals at any time prior to 5 p.m. (Toronto time), on June 29, 2012, into common shares of ECU at a conversion price of 97 cents per common share, consistent with the exchange ratio. The notes will also be redeemable at par by ECU, in whole or in part, at any time after the record date for voting at the ECU shareholder meeting. In addition, ECU may elect to extend the maturity of the notes for up to six months under certain conditions, with interest accruing at 10 per cent per year during such extension period. The proceeds of the private placement will be used for general corporate purposes and for ECU's continuing expansion plans at Velardena until closing of the proposed transaction. Completion of the private placement is subject to the satisfaction of certain regulatory requirements.
