Each one in plain English, with the numbers worked through for a shareholder.
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.
Timberline priced another underwritten public offering of up to 5 million shares plus a 750,000-share over-allotment, again through Aegis Capital - a second Wall Street-style raise within a year, reflecting continued reliance on equity issuance to fund exploration.
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.
Timberline announced a 30% increase in the measured-and-indicated gold resource at Lookout Mountain - continued resource growth at the flagship Nevada project gained through the Staccato acquisition.
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).
Timberline signed an underwriting agreement with Aegis Capital for a public offering of up to 5 million common shares (plus a 750,000-share over-allotment option), giving Aegis a one-year right of first refusal on future offerings - a bigger, Wall Street-style capital raise than its earlier small private placements.
15 Nov 2011asset acquisition disposition▲ GoodMajor
Timberline closed the sale of Timberline Drilling to its management buyers and signed the related drilling-services agreement guaranteeing at least $440,000-plus of discounted future drilling work - completing the exit from the drilling-services business first entered via the 2006 Kettle Drilling acquisition.
Timberline agreed to sell its Timberline Drilling subsidiary (the former Kettle Drilling, acquired in 2006) to its own management team via TDI Holdings for $8 million cash, a $1.35 million note, assumed debt and $1.1 million of future discounted drilling services - unwinding the 2006 diversification into drilling services to refocus purely on exploration.
Timberline reported another solid intercept at Lookout Mountain (62.5 metres of 1.48 g/t gold) and said it was expanding drilling at the nearby South Eureka project - continued positive exploration news on the Staccato-acquired Nevada ground.