20 Sept 2024listing compliance notice▼ BadMajor
Timberline Resources Corp deregistered its securities, ending its obligation to file reports with the SEC.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
19 Aug 2024business combination▲ GoodMajor
Timberline's merger into McEwen Mining closed after shareholders approved it at a special meeting - Timberline became a wholly owned McEwen subsidiary, each Timberline share converting into 0.01 McEwen shares. This closes out Timberline's story as an independent public company, culminating a run that began as a small Idaho gold explorer in the mid-2000s, survived a 2016 NYSE delisting and the 2018 loss of its Talapoosa flagship project, and ended being absorbed by the same major miner it had once partnered with on Elder Creek.
16 Apr 2024business combination▲ GoodMajor
Timberline agreed to be acquired by McEwen Mining - its former Elder Creek joint-venture partner - in an all-stock merger at a 0.01 exchange ratio (100 Timberline shares per McEwen share), with Timberline's board unanimously recommending the deal to shareholders. This would end Timberline's run as an independent public company after nearly two decades, folding its Eureka gold project and other Nevada assets into McEwen.
28 Dec 2023capital raising announcement● Neutral
Timberline increased and then closed its $0.04-unit private placement as an oversubscribed offering, issuing 15.75 million units for roughly $630,000 - its last capital raise as an independent company before the McEwen Mining merger was announced four months later.
20 Dec 2023capital raising announcement▼ Bad
Timberline launched another private placement, this time for just $600,000 at $0.04/unit - its lowest financing price on record, underscoring how much its share price had fallen by late 2023 despite the ongoing positive Eureka exploration results.
15 Nov 2023resource reserve update▲ Good
Timberline issued a further updated mineral resource estimate at Eureka, this one under the NI 43-101 Canadian standard, continuing to refresh the project's resource base for both US and Canadian investors.
7 Sept 2023capital raising announcement● Neutral
Timberline closed the first tranche of its $0.05-unit placement, raising about $728,500, led by orders from Jupiter Gold & Silver Fund ($500,000) and Crescat Capital ($200,000) - specialist gold-sector institutional investors backing the raise even at depressed pricing.
22 Aug 2023capital raising announcement▼ Bad
Timberline launched a $1 million private placement at just $0.05/unit - continued financing at a much-reduced share price as the broader junior gold market cooled further.
14 July 2023resource reserve update▲ Good
Timberline announced an updated mineral resource estimate at Eureka under SEC's newer S-K 1300 reporting standard, continuing to build out the resource base at its core Nevada project.
27 Apr 2023capital raising announcement▼ Bad
Timberline filed for TSX Venture Exchange approval of a private placement targeting up to $3 million at $0.08/unit - a much lower price than the 2022 raises, reflecting a cooling in gold-exploration financing conditions.
14 Sept 2022drilling result▲ Good
Timberline reported a strong drill intercept at Eureka - 22.8 metres at 4.29 g/t gold in a southern extension of the Water Well zone - continued positive exploration results on its now wholly-owned flagship project.
2 May 2022capital raising announcement▲ Good
Timberline closed the private placement, raising about $4.7 million from just under 19 million shares at $0.25 - short of the $8 million target but still a solid raise, with finder's fees paid partly in warrants.
What it means for a shareholder
19.0m new shares at $0.250 to raise about $4.7m. That's 12% dilution: every existing holder's slice gets 12% smaller. If you held $1,000 of shares (4,000 at the issue price), your slice goes from 0.00283% to 0.0025% of the company. To keep it you'd need 538 more shares - about $135 at the issue price.
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5 Apr 2022capital raising announcement▲ Good
Timberline launched an $8 million private placement at $0.25/share, its largest targeted raise yet, to fund geology, geophysics and drilling at the Eureka project on the Battle Mountain-Eureka Trend.
31 Jan 2022drilling progress report▲ Good
Timberline completed its 2021 drilling campaign at the Eureka gold project in Nevada, the ground that had reverted to full Timberline ownership after the PM&Gold Mines joint venture lapsed in 2020.
30 June 2021capital raising announcement▲ GoodMajor
Timberline closed the private placement, raising about $4.6 million from 23.1 million units - its largest capital raise since the $7.2 million round of 2007, and a striking turnaround from the $0.08/unit distress financings of 2018-2019.
What it means for a shareholder
23.1m new shares at about $0.1991 to raise about $4.6m. That's 17% dilution: every existing holder's slice gets 17% smaller. If you held $1,000 of shares (5,022 at the issue price), your slice goes from 0.00431% to 0.0036% of the company. To keep it you'd need 996 more shares - about $198 at the issue price.
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21 May 2021capital raising announcement▲ Good
Timberline launched a $6 million private placement at $0.20/unit - continuing to scale up its financing as gold exploration interest and its own project portfolio (now fully-owned Lookout Mountain, still-held Paiute JV with Barrick) improved.
1 Sept 2020capital raising announcement▲ Good
Timberline closed the $0.11-unit private placement, using a licensed broker for part of the raise (6% finder's fee) - completing its largest capital raise since the 2016 delisting.
14 Aug 2020capital raising announcement▲ Good
Timberline launched its largest private placement in years, targeting $3.7 million at $0.11/unit - a much bigger raise than its 2018-2019 rounds, likely reflecting stronger gold-sector sentiment and the just-regained full control of Lookout Mountain.
3 Aug 2020material agreement termination▲ Good
PM&Gold Mines failed to meet its required $3 million exploration spending on the Lookout Mountain joint venture by the June 2020 deadline, so the agreement terminated and full control of the Lookout Mountain and Oswego claims reverted back to Timberline - unlike the Elder Creek exit, this was a partner default that handed the asset back rather than Timberline giving it up.
14 July 2020material agreement termination● Neutral
Timberline deliberately let its Elder Creek option lapse by not paying required BLM/county claim fees to McEwen Mining, and the project reverted to McEwen - a strategic choice (announced as "Timberline Drops Elder Creek Option to Focus on Gold Exploration") to shed a non-core Battle Mountain property rather than a forced loss.
25 Oct 2019capital raising announcement● Neutral
Timberline closed a $0.08-unit private placement, issuing 7.5 million units with warrants exercisable at $0.12 through October 2024 - another small raise at depressed pricing.
15 Oct 2019capital raising announcement● Neutral
Timberline continued its steady cadence of small OTC-era private placements, this one another dilutive capital raise for exploration funding.
10 Sept 2019drilling progress report▲ GoodMajor
Drilling started on the Lookout Mountain gold project in Nevada, the first work under the joint venture struck in July under which PM & Gold Mines can earn 51% by spending US$6 million over two years. Timberline is targeting the high-grade Carlin-style trend around a pit that produced 17,700 ounces in 1987 - and, importantly, is no longer paying for the drilling itself.
26 Aug 2019material agreement● Neutral
Timberline reported fiscal Q3 2019 results alongside news of a new drill program at Elder Creek - routine quarterly reporting paired with exploration progress on the McEwen Mining joint-venture ground.
31 July 2019capital raising announcement▲ Good
The TSX Venture Exchange gave final approval to the Lookout Mountain joint venture with PM&Gold Mines announced in July, formally clearing the deal that let PM&G earn up to 51% by spending $6 million over two years.
12 July 2019material agreement▲ GoodMajor
Timberline formed a joint venture with PM&Gold Mines on its original Lookout Mountain project, letting PM&G earn an initial 51% interest by spending $6 million on exploration and development over two years - outside capital brought in to advance the project that had been Timberline's flagship before Talapoosa.
14 May 2019capital raising announcement▼ Bad
Timberline borrowed another $250,000 from William Matlack at 18% annual interest, its second high-cost loan from the same lender within a year - continued reliance on expensive debt to bridge working-capital gaps.
1 Apr 2019capital raising announcement● Neutral
Timberline closed the first tranche of a new $0.08-unit private placement, raising $160,000 - a smaller raise than prior rounds, reflecting still-thin investor demand.
11 Feb 2019capital raising announcement● Neutral
Timberline launched another private placement, targeting $500,000 at $0.08/unit with room to upsize 20% - the financing pattern continuing largely unchanged.
14 Dec 2018capital raising announcement● Neutral
Timberline closed the second and final tranche of its private placement, adding about $97,000 more - the offering was oversubscribed, a modestly encouraging sign for investor appetite even at depressed prices.