McEwen Mining to buy remaining stake in Timberline Resources (updated)

Timberline Resources

16/04/2024 18:00

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       April 16 (Reuters) - Canadian miner McEwen Mining
 MUX.TO  entered into a deal to acquire all outstanding shares
of Timberline Resources  TBR.PK  that it doesn't already own,
the companies said on Tuesday. 
    McEwen currently owns 6.25 million Timberline shares, or
around 3.3% of the company, along with 6.25 million warrants. 
    Excluding existing ownership, McEwen, which has operations
in Nevada, Canada, Mexico and Argentina, expects to issue around
1.84 million shares on closing for a transaction value of $18.8
million.
    Timberline shareholders will receive 0.01 of a share of
McEwen's common stock for each Timberline share held,
representing a value of $0.102 per Timberline share, or a
premium of 132%, the companies said. 
    Timberline Resources, a Nevada based exploration company
focused on gold and copper discoveries, would be required to pay
McEwen a termination fee of $400,000 if it terminates the
agreement. 

 (Reporting by Seher Dareen in Bengaluru; Editing by Shailesh
Kuber)
 ((Seher.Dareen@thomsonreuters.com; If in India call +91 74832
70128;))