VANCOUVER, May 10 /CNW/ - The Pacific Road Resources Funds ("PRRF") are pleased to announce that they have exercised the common share purchase warrants issued by Timmins Gold Corp. (the "Company") in connection with the Company's June 2009 private placement, as described in the press release issued by PRRF on June 25, 2009. Pursuant to the exercise, PRRF has acquired ownership and control over 3,735,030 additional common shares at a price of $0.60 per share representing approximately 3.2% of the issued and outstanding common shares of the Company.
PRRF now holds 15,205,090 common shares and 11,000,000 Convertible Preference Shares in the Company, representing approximately 22.3% of the Company's common shares (assuming conversion of PRRF's Convertible Preference Shares).
PRRF purchased the securities for investment purposes and may or may not purchase or sell securities of the Company in the future on the open market or in private transactions, depending on market conditions and other factors.
A copy of the early warning report filed in connection with the investment is available on the Company's profile on SEDAR at www.sedar.com or may be obtained by contacting Greg Dick at +61 2 9241 1000.
About Pacific Road Resources Funds and Pacific Road Capital Management Pty Limited
The Pacific Road Resources Funds are private equity funds investing in the global mining industry. They provide expansion and buyout capital for mining projects, mining related infrastructure and mining services businesses located throughout resource-rich regions of the world. The Pacific Road Resources Funds are managed or advised by Pacific Road Capital Management Pty Ltd ("PRCM"). The PRCM team, located in Sydney, Australia, San Francisco and New York, USA, is comprised of experienced mining investment professionals that have extensive knowledge and experience in the mining and infrastructure sectors, including considerable operating, project development, transactional and investment banking experience.
SOURCE PACIFIC ROAD RESOURCES FUNDS
For further information: For further information: on the Pacific Road Resources Funds and PRCM, please go to their website at www.pacroad.com.au