Timmins Gold Corp. announces the closing of the second tranche of the private placement announced by news release dated March 2, 2009. The second tranche consists of 5,989,500 units (the "Units") at a price of $0.40 per Unit, for gross proceeds of $2,395,800. Each Unit consists of one common share and one-half of one share purchase warrant. Each whole warrant will entitle the holder to purchase an additional common share at an exercise price of $0.60 per share for a period of one year from closing of the private placement. All securities issued in connection with the private placement are subject to a hold period expiring four months and a day from the date of issuance.
The Company paid cash finders' fees totaling $186,064.
The proceeds from the private placement will be used towards completion of the construction of the Company's wholly owned San Francisco Gold Mine in Sonora, Mexico and for general working capital.
For further information, contact:
Bruce Bragagnolo, LLB.,
Chief Executive Officer
Vancouver, BC, Canada
Tel: (604) 638-8980
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This News Release contains forward-looking statements. Forward-looking statements are statements which relate to future events. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans, "anticipates", believes", "estimates", "predicts", "potential", or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, level of activity, performance or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements.
While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggestions herein. Except as required by applicable law, Timmins Gold does not intend to update any forward-looking statements to conform these statements to actual results.