24 Feb 2017capital raising announcement● Neutral
Timberline extended the deadline for its ongoing private placement financing - a routine extension with no new terms disclosed.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
21 Feb 2017capital raising announcement● Neutral
Timberline closed the first tranche of a new private placement (units at $0.25, warrants at $0.40 through January 2020), raising about $486,000 toward a targeted $1.25 million.
17 Jan 2017capital raising announcement● Neutral
Timberline announced a new private placement offering - a further round of dilutive financing to keep funding Talapoosa and general operations.
1 July 2016capital raising announcement▲ Good
Timberline closed the third and final tranche of its private placement, completing the full $1.5 million raise across 10 million units; CEO Osterberg and Chairman Leigh Freeman participated as related parties under TSX Venture Exchange rules, confirming Timberline's stock was now also listed on the TSXV following the NYSE MKT delisting.
What it means for a shareholder
10.0m new shares at about $0.150 to raise about $1.5m. That's 29% dilution: every existing holder's slice gets 29% smaller. If you held $1,000 of shares (6,667 at the issue price), your slice goes from 0.0278% to 0.0196% of the company. To keep it you'd need 2,777 more shares - about $417 at the issue price.
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14 June 2016capital raising announcement● Neutral
Timberline closed the second tranche of its $0.15-unit private placement, raising about $561,000 more, moving closer to the $1.5 million target.
2 June 2016capital raising announcement● Neutral
Timberline closed the first tranche of a new private placement (units at $0.15, warrants at $0.25 through May 2019), raising about $477,000 toward a targeted $1.5 million total - the OTC-era financing pattern replacing the underwritten public offerings it used while NYSE-listed.
27 May 2016capital raising announcement▼ Bad
With cash tight right after delisting, Timberline borrowed $57,200 from three insiders - CEO Steven Osterberg, director Robert Martinez and advisor Randal Hardy - via short-term unsecured notes at a 9.1% original-issue discount, approved by disinterested directors.
11 May 2016capital raising announcement● Neutral
Timberline announced a new private placement of common stock, its first capital raise since voluntarily delisting from NYSE MKT and now trading over-the-counter, under new CEO Steven Osterberg.
23 Sept 2015capital raising announcement▲ Good
Timberline closed the Waterton private placement, issuing 1.3 million shares for about $499,000 - completing the deal announced a week earlier.
15 Sept 2015capital raising announcement▲ Good
Waterton Precious Metals Fund II agreed to buy about 1.3 million Timberline shares (roughly 9.9% of shares outstanding) for about $499,000 in a private placement, alongside non-binding terms for a broader proposed transaction - a new institutional/strategic investor entering as Timberline advanced Talapoosa.
17 Mar 2015capital raising announcement▲ GoodMajor
Timberline signed an option agreement with Gunpoint Exploration and its affiliates for the exclusive right to buy 100% of the Talapoosa gold project in Nevada, with up to 30 months to exercise while working toward a feasibility study - the start of what would become Timberline's flagship asset.
14 Oct 2014capital raising announcement● Neutral
Timberline got NYSE MKT approval to issue 1 million shares to keep its option alive on the Knight family trust's Nevada mining claims - a routine step to preserve the 2013 lease-and-option deal.
29 Oct 2013capital raising announcement▲ Good
Timberline expanded its lease with the Knight family trust to add 104 more Nevada mineral claims (bringing the total to 590 claims across seven properties), paying with 200,000 restricted shares - continued build-out of the Nevada exploration land package.
10 Sept 2013capital raising announcement● Neutral
Timberline closed its second Aegis Capital-led public offering of 5 million shares, issuing 150,000 warrants to Aegis as underwriting compensation - another routine equity raise in an ongoing pattern of small-cap dilutive financing.
28 Aug 2013capital raising announcement▲ Good
Timberline leased, with an exclusive purchase option, a package of 584 mining claims (over 11,000 acres across six Nevada properties) from the Knight family trust, plus a right of first refusal on nearby third-party claims - a large new land package added to its Nevada gold portfolio.
27 Dec 2012capital raising announcement▲ Good
Timberline announced the Aegis Capital-led public offering had closed with the underwriters fully exercising their over-allotment option - completing the December 2012 stock sale, not a farm-in/farm-out transaction (the filing contains no farm-in content; likely a pipeline misclassification).
25 Nov 2009capital raising announcement● Neutral
Timberline closed another private placement, raising just over $3 million from 3 million stock-and-warrant units at $1.00/unit, for exploration and working capital - continued small dilutive financing after the SMD deal collapse and Alternext listing warning.
20 July 2009capital raising announcement▼ Bad
Timberline settled a $924,000 unpaid invoice from Jefferies & Co. for advisory work on the failed SMD acquisition financing by paying $50,000 cash plus 950,000 restricted shares - a stock-heavy settlement reflecting how cash-strapped the company was after the SMD deal collapsed.
6 Nov 2008capital raising announcement▼ BadMajor
Timberline borrowed $10 million via convertible notes from director Ronald Guill/his wife and from his company SMD, secured partly by a pledge of its Timberline Drilling subsidiary and a right of first refusal on the Butte Highlands property, using the proceeds to pay off the $8 million Auramet loan - insider financing again bailing out prior insider financing, deepening Guill's leverage over the company just as the financial crisis hit capital markets.
3 July 2008capital raising announcement● Neutral
Timberline borrowed $8 million from Auramet Trading and used $7.5 million of it to buy back most of the Series A preferred stock held by Douglas Kettle (the former owner of Kettle Drilling) - unwinding part of the 2006 Kettle Drilling deal's preferred-stock consideration.
18 Oct 2007capital raising announcement▲ Good
Timberline closed a three-tranche private placement raising $7.2 million from 2.6 million stock-and-warrant units at $2.75/unit - by far its largest raise to date, earmarked for drilling equipment, exploration on several projects, debt reduction and evaluating acquisitions in mining services.
27 Dec 2006capital raising announcement● Neutral
Timberline closed a $2.73 million private placement of stock-and-warrant units at $0.65/unit with 10 accredited investors, including $2.18 million from director Harris Kupperman's Praetorian Offshore - continued reliance on small, insider-heavy private placements to fund operations.
24 May 2006capital raising announcement● Neutral
Timberline closed the final tranche of a private placement of stock-and-warrant units at $0.55/unit, raising an additional $1.4 million from 17 accredited investors - routine dilutive financing typical of an early-stage explorer with no production revenue.