Timmins Gold Refinances $13 Million Credit Facility With Sprott, Morgan Stanley

Timmins Gold Corp. (TSX:TMM) has refinanced an existing $13 million credit facility with Sprott Resource Lending Partnership and Morgan Stanley Capital Group.

As quoted in the press release:

The new credit agreement is effective as of February 2, 2015 until December 31, 2015. Interest remains payable at the rate of 9% per annum, with payment of the principal amount outstanding to be made at the end of the term. In consideration of the re-financing, the Company will pay a bonus to Sprott, the Administrative Agent under the credit facility, in the amount of CDN$130,000.

Timmins Gold CEO, Bruce Bragagnolo, said:

The re-financing of our credit agreement allows Timmins Gold to retain financial flexibility and will allow us to advance our projects, including the recently acquired Caballo Blanco project. We are pleased to continue our excellent relationship with Sprott and establish a new relationship with Morgan Stanley.

Click here to read the Timmins Gold Corp. (TSX:TMM) press release