McEwen to acquire Timberline Resources
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.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Multotec, recognised industry leaders in metallurgy and process engineering help mining houses across the world process minerals more efficiently,...
VISIT SHOWROOM
Rentech provides renewable energy products and services to the local and selected African markets. Supplying inverters, lithium and lead-acid...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
