Timmins Gold -12.7% on bought-deal financing

|About: Timmins Gold Corp (TGD)|By:, SA News Editor

Timmins Gold (TGD -12.7%) is plunging today on news it plans to sell C$25M ($22.7M) in equity to a syndicate of banks at C$1.50 each, a significant discount to TGD's closing price of C$1.73 yesterday in Toronto.

TGD's deal, designed to strengthen its balance sheet, builds on a wave of offerings that may signal a thaw in the financing environment for miners, which have long been out of favor with investors.