Apex has been liquidated, and Golden Minerals Co., a new Denver-based, Delaware corporation, holds Apex’s remaining assets. Previous equity holders of Apex received no recovery under the plan, and ordinary Apex shares were cancelled. Golden Minerals has a management services agreement with Sumitomo for San Cristóbal for an initial term of 12 months at an annual fee of approximately $6 million and a potential annual incentive fee of $1.5 million. After 12 months, the agreement may be terminated by Golden Minerals with 12 months prior notice or by Sumitomo with six months prior notice.

In addition to managing the San Cristóbal mine, the business strategy of Golden Minerals will be to “focus on the advancement of exploration activities on certain properties within a broad portfolio of 45 exploration properties in South America and Mexico. Two of these properties are in intermediate to advanced stages of exploration: the El Quevar silver project in Argentina and the Zacatecas silver and base metals project in Mexico. Golden Minerals will also seek to leverage the experience and skills of the management team by performing mine services, including feasibility studies and project development strategies; engineering, construction and procurement management; environmental permitting and corporate social responsibility support; technical support; and operations management.”

Golden Minerals stock is trading initially over the counter. The company expects to pursue a listing on a U.S. national securities exchange and the Toronto Stock Exchange.