Timberline Receives Notice from the NYSEMKT
May 23 2014 - 8:00AM
Marketwired
Timberline Receives Notice from the NYSEMKT
COEUR D'ALENE, IDAHO--(Marketwired - May 23, 2014) - Timberline
Resources Corporation (NYSEMKT:TLR)(TSX-VENTURE:TBR) ("Timberline"
or the "Company") announced today that it has received notice from
the NYSEMKT LLC (the "Exchange") that due to the Exchange's
determination that the Company's securities have been selling for a
low price per share for a substantial period of time, pursuant to
Section 1003(f)(v) of the NYSEMKT Company Guide (the "Company
Guide"), the Company's continued listing is predicated on it
effecting a reverse stock split of its Common Stock within a
reasonable period of time, which the Exchange has determined to be
no later than November 19, 2014.
The Exchange did acknowledge in its notification letter that the
Company has disclosed its intention to seek shareholder approval
for a reverse stock split of its common stock in connection with
the Company's proposed acquisition of Wolfpack Gold (Nevada)
Corp.("Wolfpack US"). The acquisition of Wolfpack US is expected to
close early in July 2014. The reverse stock split contemplated as
part of the arrangement to acquire Wolfpack US is expected to
alleviate the concerns of the Exchange within a reasonable period
of time.
Paul Dircksen, Timberline's President & CEO, commented,
"This notification letter from the Exchange was not entirely
unexpected due to the prolonged low trading price of our stock. We
view our listing on the Exchange as an important asset, and
remaining listed on the Exchange is one of our primary objectives
in the acquisition of Wolfpack US. We believe that in addition to
Timberline remaining listed on a respected national exchange, a
higher trading price will provide our shareholders with enhanced
liquidity and will lead to increased interest from institutional
investors and investment funds."
The exchange ratio and timing of the reverse stock split of the
Company's shares of common stock is to be determined by the Board
of Directors of Timberline. The reverse stock split remains subject
to approval of the stockholders of Timberline and all necessary
regulatory and stock exchange approvals.
About Timberline Resources
Timberline Resources Corporation is exploring and developing
advanced-stage gold properties in the western United States.
Timberline holds a 50-percent carried interest ownership stake in
the Butte Highlands Joint Venture in Montana. Timberline's
exploration is primarily focused on the major gold districts of
Nevada, where it is advancing its flagship Lookout Mountain Project
toward a production decision while exploring a pipeline of quality
earlier-stage projects at its South Eureka Property and elsewhere.
Timberline management has a proven track record of discovering
economic mineral deposits that are developed into profitable
mines.
Timberline is listed on the NYSEMKT where it trades under the
symbol "TLR" and on the TSX Venture Exchange where it trades under
the symbol "TBR".
Forward-looking Statements
Statements contained herein that are not based upon current or
historical fact are forward-looking in nature and constitute
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. Such forward-looking statements reflect the Company's
expectations about its future operating results, performance and
opportunities that involve substantial risks and uncertainties.
These statements include but are not limited to statements
regarding the Company's expected acquisition of Wolfpack US, the
Company's reverse stock split including the exchange ratio and
timing, shareholder and regulatory approval of the reverse stock
split, expected benefits of the reverse stock split, as well as the
expectation that the reverse stock split will alleviate the
concerns of the Exchange within a reasonable amount of time . When
used herein, the words "anticipate," "believe," "estimate,"
"upcoming," "plan," "target", "intend" and "expect" and similar
expressions, as they relate to Timberline Resources Corporation,
its subsidiaries, or its management, are intended to identify such
forward-looking statements. These forward-looking statements are
based on information currently available to the Company and are
subject to a number of risks, uncertainties, and other factors that
could cause the Company's actual results, performance, prospects,
and opportunities to differ materially from those expressed in, or
implied by, these forward-looking statements. Factors that could
cause or contribute to such differences include, but are not
limited to, whether or not the Company completes the acquisition of
Wolfpack US, risks related to obtaining shareholder and regulatory
approvals, market risks, risks and uncertainties related to mineral
estimates, risks related to the inherently dangerous activity of
mining, and other such factors, including risk factors discussed in
the Company's Annual Report on Form 10-K for the year ended
September 30, 2012. Except as required by Federal Securities law,
the Company does not undertake any obligation to release publicly
any revisions to any forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Additional Information and Where to Find It
In connection with Timberline's solicitation of proxies with
respect to the meeting of shareholders of Timberline to be called
with respect to the proposed arrangement with Wolfpack, Timberline
will file a proxy statement with the Securities and Exchange
Commission (the "SEC").
SHAREHOLDERS ARE ADVISED TO READ THE PROXY STATEMENT WHEN IT IS
FINALIZED AND DISTRIBUTED TO SHAREHOLDERS BECAUSE IT WILL CONTAIN
IMPORTANT INFORMATION.
Shareholders will be able to obtain a free-of-charge copy of the
proxy statement (when available) and other relevant documents filed
with the SEC from the SEC's website at http://www.sec.gov.
Shareholders of Timberline will also be able to obtain a
free-of-charge copy of the proxy statement and other relevant
documents (when available) by directing a request by mail or
telephone to Timberline Resources Corporation, 101 E. Lakeside,
Coeur d'Alene, Idaho 83814 or (208) 664-4859, or from Timberline's
website, www.timberline-resources.com.
None of the securities anticipated to be issued pursuant to the
arrangement with Wolfpack have been or will be registered under the
Securities Act of 1933, as amended (the "U.S. Securities Act") or
any state securities laws, and are anticipated to be issued in
reliance upon available exemptions from such registration
requirements under Section 3(a)(10) of the U.S. Securities Act and
applicable exemptions under state securities laws. This press
release does not constitute an offer to sell or the solicitation of
an offer to buy any securities.
Timberline Resources CorporationPaul
DircksenCEO208.664.4859www.timberline-resources.com
Timberline Resources (TSXV:TBR)
Historical Stock Chart
From Jun 2024 to Jul 2024
Timberline Resources (TSXV:TBR)
Historical Stock Chart
From Jul 2023 to Jul 2024