By Devika Patel
Knoxville, Tenn., March 30 - Timmins Gold Corp. said it settled a C$2.5 million tranche of a C$10 million private placement of units. The deal priced March 2.
The company also said it is changing the price of the units.
The company now plans to sell units of one common share and one half-share warrant at C$0.40 apiece, lowered from the original price of C$0.50. Each whole warrant is exercisable at C$0.60, lowered from C$0.75, for one year.
In this tranche, Sprott Asset Management Inc. was the investor, buying 6.25 million units.
Proceeds will be used to complete the construction of the San Francisco Gold Mine and for general working capital.
Timmins Gold is a resource exploration company based in Vancouver, B.C.
| Issuer: | Timmins Gold Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$10 million
|
| Price: | C$0.40
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.60
|
| Investor: | Sprott Asset Management Inc. (for C$2.5 million)
|
| Pricing date: | March 2
|
| Amended: | March 30
|
| Settlement date: | March 30 (for C$2.5 million)
|
| Stock symbol: | TSX Venture: TMM
|
| Stock price: | C$0.0445 at close Feb. 27
|
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