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Wednesday, 4th March 2009 (1507 views)

Timmins Gold has revealed that it is launching a $10 million (£7.1 million) non-brokered private placement comprising units at a price of $0.50 each.

The placement is in accordance with the policies of the TSX Venture Exchange and proceeds from the deal will be used to fund construction of the San Francisco gold mine in Sonora, Mexico.

Each unit will consist of one common share and one half share purchase warrant to purchase a common share for an exercise price of $0.75 for a period of one year.

Funds generated by the placement will also be used for general working capital by Timmins Gold, which has appointed CPM Group of New York as its financial adviser.

Construction of a new crushing system is scheduled to reach completion at the wholly-owned San Francisco gold property in 60 days and the resulting circuit will have the capacity to crush 3,500,000 tonnes of ore annually.

Based in Vancouver, British Columbia, Timmins Gold owns a total of seven gold properties in Mexico, the most recently purchased of which is 45,000 hectares of claims in Zacatecas.

 

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