Timmins Gold (TSE:TMM) announced Thursday that private equity firm Pacific Road Capital Management plans to sell its over 25 million shares of Timmins through a secondary private placement of special warrants.
Each special warrant is exchangeable for one Timmins common share held by Pacific Road, which invests in the mining industry. The special warrant offering is expected to close around July 18, it said in a statement.
The companies have hired MPartners and National Bank Financial as agents to sell the shares.
Mexico-focused gold producer Timmins recently announced fourth quarter income from its operations of $35.1 million, compared to a $6.55 million loss the previous year.
The Vancouver, BC-based company's gold-producing San Francisco mine in Sonora, Mexico is the main cause of this growth, with the open pit heap leach operation having expected annual production of 100,000 ounces of gold per year at a cash cost of $489 per ounce.
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