Past year: ▲ 117%(6.00c – 16.0c CAD)
Each one in plain English, with the numbers worked through for a shareholder.
14 Dec 2018capital raising announcement● Neutral
Timberline closed the second and final tranche of its private placement, adding about $97,000 more - the offering was oversubscribed, a modestly encouraging sign for investor appetite even at depressed prices.
16 Nov 2018capital raising announcement● Neutral
Timberline closed the first tranche of another $0.08-unit private placement, raising about $503,000.
25 Oct 2018capital raising announcement● Neutral
Timberline announced another private placement offering, continuing the steady drumbeat of small OTC-era capital raises.
16 Aug 2018capital raising announcement▲ GoodMajor
Timberline closed its acquisition of the Elder Creek and Paiute Nevada properties from Americas Gold Exploration, becoming operator of both the McEwen Mining (Elder Creek) and Barrick/Lac Minerals (Paiute) joint ventures - completing the pivot announced in May.
2 Aug 2018capital raising announcement▼ Bad
Timberline borrowed $300,000 from arm's-length lender William Matlack at a steep 18% annual interest rate (compounded monthly) to fund exploration and working capital - expensive debt reflecting how limited the company's financing options were after losing Talapoosa.
20 June 2018drilling result▲ Good
Timberline reported gold and copper assay results from the newly acquired Elder Creek project in the Battle Mountain district - early validation of the McEwen Mining joint-venture ground gained through the May 2018 Americas Gold Exploration deal.
13 June 2018drilling result▲ Good
Timberline reported high-grade gold and silver assays from the Oswego Trend at its Eureka project in Nevada - positive early results from the exploration re-focus after losing Talapoosa.
30 May 2018material agreement▲ GoodMajor
Having lost Talapoosa, Timberline acquired two Nevada gold-copper properties in the Battle Mountain district from Americas Gold Exploration for 10 million shares plus 5 million warrants, gaining rights to earn into existing joint ventures with McEwen Mining (Elder Creek) and Barrick Gold's Lac Minerals subsidiary (Paiute) - a fresh strategic pivot bringing in major-miner JV partners.
9 May 2018capital raising announcement▼ Bad
Timberline closed a private placement at just $0.08/unit - its lowest financing price yet - raising $600,000 from 7.5 million units, reflecting a much-depressed stock price after losing the Talapoosa project.
4 Apr 2018material agreement termination▼ BadMajor
Timberline lost its flagship Talapoosa gold project: unable to make the required $2 million payment (plus 1 million shares) due March 31, 2018, its option agreement with Gunpoint Exploration terminated automatically and ownership of Talapoosa reverted entirely to Gunpoint, which still holds an 8.3% stake in Timberline. The company pivoted back to re-exploring its older Eureka (Lookout Mountain) project in Nevada - a major reversal after three years of promoting Talapoosa's economics.
21 Dec 2017capital raising announcement● Neutral
Timberline reported its fiscal 2017 year-end results and closed the second tranche of its $0.30-unit private placement - routine quarterly reporting alongside continued small-scale financing.
8 Nov 2017capital raising announcement● Neutral
Timberline closed the first tranche of a new private placement (units at $0.30, warrants at $0.45 through October 2022), raising about $687,000.
12 Oct 2017capital raising announcement● Neutral
Timberline announced another new private placement offering, continuing its now-routine pattern of small OTC-era capital raises.
13 Sept 2017material agreement▼ Bad
Timberline agreed to a 36-month payment plan (interest at prime plus 3%) to settle a $250,000 debt owed to a creditor tied to a corporate transaction from 2015 that never closed - likely the residue of the abandoned 2015 Waterton-related proposed transaction, still being cleaned up two years later.
14 Apr 2017capital raising announcement▲ Good
Timberline closed the third and final tranche of its $0.25-unit private placement, raising about $461,000 more and completing the full $2 million offering.
30 Mar 2017capital raising announcement● Neutral
Timberline raised the target size of its ongoing private placement to $2 million - continuing to scale up an already-extended offering.
29 Mar 2017capital raising announcement● Neutral
Timberline closed the second tranche of the $0.25-unit private placement, raising about $1.05 million more and pushing the offering's target up to $1.75 million.
24 Mar 2017capital raising announcement● Neutral
Timberline both increased the size of and further extended its ongoing private placement - demand or need for capital was apparently running ahead of the original offering size.
24 Feb 2017capital raising announcement● Neutral
Timberline extended the deadline for its ongoing private placement financing - a routine extension with no new terms disclosed.
21 Feb 2017capital raising announcement● Neutral
Timberline closed the first tranche of a new private placement (units at $0.25, warrants at $0.40 through January 2020), raising about $486,000 toward a targeted $1.25 million.
17 Jan 2017capital raising announcement● Neutral
Timberline announced a new private placement offering - a further round of dilutive financing to keep funding Talapoosa and general operations.
17 Nov 2016material agreement● NeutralMajor
On October 19, 2016, Timberline amended its March 12, 2015 option to buy 100% of the Talapoosa project from Gunpoint and American Gold Capital. The option deadline was extended from September 12, 2017 to March 31, 2019, and the exercise price changed from US$10M cash to a tiered cash-and-shares price (US$11M plus 3.5M shares if closed by March 31, 2017, falling to US$8M plus 1.5M shares after March 31, 2018). To keep the option alive Timberline must pay US$1M plus 1M shares by March 31, 2017, US$2M plus 1M shares by March 31, 2018, and spend US$7.5M cumulatively by December 31, 2018. The amendment also removes Timberline's right to buy back a 1% royalty for US$3M and reworks a US$10M contingent payment, triggered if gold averages US$1,600/oz or more for 90 trading days, to be paid in two US$5M instalments (each up to half in shares). This fills the gap in the context for the November 2016 agreement.
26 Oct 2016farm in farm out agreement● Neutral
Timberline extended its option agreement to acquire the Talapoosa gold project from Gunpoint Exploration, keeping the option alive as it continued working toward development decisions on its flagship asset.
1 July 2016capital raising announcement▲ Good
Timberline closed the third and final tranche of its private placement, completing the full $1.5 million raise across 10 million units; CEO Osterberg and Chairman Leigh Freeman participated as related parties under TSX Venture Exchange rules, confirming Timberline's stock was now also listed on the TSXV following the NYSE MKT delisting.
What it means for a shareholder
10.0m new shares at about $0.150 to raise about $1.5m. That's 29% dilution: every existing holder's slice gets 29% smaller. If you held $1,000 of shares (6,667 at the issue price), your slice goes from 0.0278% to 0.0196% of the company. To keep it you'd need 2,777 more shares - about $417 at the issue price.
Create a free account to see this worked out for your own holding.
14 June 2016capital raising announcement● Neutral
Timberline closed the second tranche of its $0.15-unit private placement, raising about $561,000 more, moving closer to the $1.5 million target.
2 June 2016capital raising announcement● Neutral
Timberline closed the first tranche of a new private placement (units at $0.15, warrants at $0.25 through May 2019), raising about $477,000 toward a targeted $1.5 million total - the OTC-era financing pattern replacing the underwritten public offerings it used while NYSE-listed.
27 May 2016capital raising announcement▼ Bad
With cash tight right after delisting, Timberline borrowed $57,200 from three insiders - CEO Steven Osterberg, director Robert Martinez and advisor Randal Hardy - via short-term unsecured notes at a 9.1% original-issue discount, approved by disinterested directors.
11 May 2016capital raising announcement● Neutral
Timberline announced a new private placement of common stock, its first capital raise since voluntarily delisting from NYSE MKT and now trading over-the-counter, under new CEO Steven Osterberg.
5 Feb 2016listing compliance notice▼ BadMajor
Timberline Resources Corp's securities were notified for removal from listing and registration on its exchange.
1 Feb 2016listing compliance notice▼ BadMajor
Rather than fight the listing standards, Timberline's board chose to voluntarily delist its common stock from NYSE MKT. Separately, it sold its 50% interest in the Butte Highlands JV - the 50/50 venture formed in 2009 with Ron Guill's Highland Mining - to New Jersey Mining Company for $225,000 cash plus 3 million New Jersey Mining shares, shedding a non-core legacy asset as it consolidated around Talapoosa.
