According to the release, each ECU share will be exchanged for 0.05 Golden Minerals shares and $0.000394 in cash.

So, if my math hold up, for every 50,000 shares you hold, you will receive 2,500 shares of the new company plus 19.70 in cash. 100,000 shares would get you 5,000 shares plus 39.40 in cash. Since AUMN closed in New York at 20.22, the value of the new shares would just about equal what ECU is currently worth at around a buck.

My expectation for some time has been for ECU to double or triple in price and then some over the coming months. Some guys need some of that just to get even. Seems to me it would have been a lot easier for ECU to get to 3, 4 or 5 bucks than it will be for AUMN to get to 40, or 60 or 100 bucks to get the same results. I feel sorry for the guys who bought in at much higher prices. It could be a long time to get just even.

Correct me if I've got this screwed up. I hope I do.