https://www.miningweekly.com
Gold|Mining|PROJECT|Projects|Resources
Gold|Mining|PROJECT|Projects|Resources
gold|mining|project|projects|resources

McEwen to acquire Timberline Resources

17th April 2024

By: Creamer Media Reporter

     

Font size: - +

NYSE- and TSX-listed McEwen Mining has announced the acquisition of TSX-V-listed Timberline Resources, a move that will bolster its presence in Nevada’s mining sector.

Under the terms of the agreement, Timberline shareholders will receive 0.01 of a share of McEwen’s common stock for each share of Timberline’s stock.

The exchange ratio translates to a value of $0.102 a Timberline share, representing a 132% premium over Timberline’s 20-day volume-weighted average price on the OTCQB.

McEwen, which currently holds 6.25-million Timberline shares and warrants, expects to issue about 1.84-million shares upon closing, with a transaction value totalling $18.8-million.

Timberline’s board of directors has endorsed the merger, urging shareholders to support the deal. Further, directors, officers and principal shareholders of Timberline, who collectively hold about 40% of the company’s outstanding shares, have entered into agreements to vote in favour of the transaction.

To safeguard the agreement, customary deal-protection measures have been included, prohibiting Timberline from entertaining alternative acquisition offers. In the event of a valid termination by Timberline in favour of a superior offer, a termination fee of $400 000 will be payable to McEwen.

Timberline’s projects are focused in the Battle Mountain-Eureka trend of north-central Nevada. The company’s flagship project is the Lookout Mountain project, which contains a high-grade gold zone as part of a 500 000 oz/y resource that is open for expansion.

The company’s flagship project is the Lookout Mountain Project which contains a high-grade gold zone as part of a >500K oz (M&I) resource which is open for expansion.

Edited by Creamer Media Reporter

Comments

Showroom

Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 
SMS group
SMS group

At SMS group, we have made it our mission to create a carbon-neutral and sustainable metals industry.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Resources Watch
Resources Watch
22nd May 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.171 0.211s - 107pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: