Mr. Bruce Bragagnolo reports
TIMMINS GOLD ANNOUNCES UPDATE ON PROPOSED SALE OF PACIFIC ROAD BLOCK
A syndicate comprising M Partners, National Bank Financial and Paradigm Capital has confirmed orders with a number of institutional investors for the 25,205,090 common shares of Timmins Gold Corp. held by funds managed or advised by Pacific Road Capital Management Pty. Ltd. The offering will be by special warrant, with each special warrant exchangeable for one common share held by Pacific. The price is $2.51 per special warrant.
The special warrant transaction is expected to close on or about July 18, 2011, at which time the purchase funds and the common shares will be escrowed with Computershare. Timmins Gold will file a short form prospectus to qualify the common shares underlying the special warrants following the closing. Upon clearing of the prospectus, the escrow will release. If a receipt for a (final) prospectus has not been issued by the Ontario Securities Commission by a date to be determined, the escrowed funds and shares will be returned to the depositing parties, unless the purchasers elect to complete the transaction with the required securities laws restrictions for private placements.
We seek Safe Harbor.