Well said Sinbob,
I have stayed away from this board for a long time. I have own shares od ECU - AUM for 11 years. I'm now down to a few thousands warrants which are worthless. Last week I exchanges mails with the company IR. Most here probably know that the warrants will not be extended. Given everything that we went through during the past years it shows a total lack of respect for the few who have remained onboard all along. In case you're interested here's the exchanges I had with IR:
1) My name is xxx. I own a significant number of warrants which expire next month. Given the actual pricing situation of both the regular shares and the warrants I was wondering (hoping) if there is the possibilty of an extension of the due date for the warrants.
IR )At present, management does not plan to extend the maturity date of the Feb. 2014 warrants. These were warrants originally in the name of ECU Silver that came to us via our 2011 merger with ECU. They were not issued by Golden Minerals.
2) I know that the warrants were not issued by Golden Minerals. The fact remains that we have hold them since the merger thinking that you could actually build a profitable company, in other words we had trust in the new management. We have been rewarded with a collapsing share price so the least we could have expected would be to have an extension on the maturity of the warrant. That doesn´t cost anything to the company while at least giving some hope to the shareholders that they will not loose 100% of their investment. Is that to much to ask?
IR) Management has always preferred to keep as tight a share structure as possible; thus we conduct financings only when needed and issue warrants only when required to close a particular transaction. Management also believes that making a specific security's terms more advantageous after its issue would be disadvantageous to all other investors. And lastly, changing an expiry date would entail costs to the company - as certs would need to be re-printed, lawyers consulted and legal documents created. As a result of these beliefs, management feels it is best to not alter the term of these, or any other, warrants
3) Well management definitely lives in another world and shows a total disregard for the little guys who has to work hard to make a living. The current price of the shares shows how wrong management has been all along and the policy on the warrant how crappy human beings they are. Fuck yours AUM..
