Past year: ▲ 117%(6.00c – 16.0c CAD)
Each one in plain English, with the numbers worked through for a shareholder.
24 May 2006capital raising announcement● Neutral
Timberline closed the final tranche of a private placement of stock-and-warrant units at $0.55/unit, raising an additional $1.4 million from 17 accredited investors - routine dilutive financing typical of an early-stage explorer with no production revenue.
12 May 2006resource reserve update▲ Good
Timberline signed a memorandum of understanding letting Christopher James Gold Corporation earn up to a 75% interest in Timberline's Olympic-Sun and Cedar Mountain gold projects in Nevada by spending up to $2.5 million on exploration and completing a feasibility study - a farm-out bringing in outside money to advance two Nevada gold prospects.
10 Mar 2006asset acquisition disposition● NeutralMajor
Timberline closed its purchase of Kettle Drilling, which the March 1 agreement had set out; Kettle is now a wholly owned subsidiary run by its existing principals. The total price was $4.8 million: $2.4 million cash, 5 million convertible preferred shares valued at 40 cents each, and $400,000 in promissory notes to Kettle's two principals, due in 180 days. Timberline also borrowed $400,000 from its Chairman and CEO, John Swallow, due in one year with monthly interest-only payments, to fund the cash portion. The price and structure differ from the March 1 terms ($2.8 million cash plus 5 million preferred shares).
1 Mar 2006material agreement▲ GoodMajor
Timberline agreed to buy Kettle Drilling, a private Idaho drilling contractor, for $2.8 million cash (to be raised via a private placement) plus 5 million shares of new convertible preferred stock - a diversification beyond pure exploration into owning drilling services.
6 Feb 2006asset acquisition disposition▲ Good
Hecla Mining, Timberline's earn-in partner on the Snowstorm project in Shoshone County, Idaho, chose to take a 4% royalty instead of continuing as a joint-venture participant, and handed over its roughly 750-acre claim interest to Timberline - Timberline now owns Snowstorm outright, subject to Hecla's royalty.
6 Dec 2005debt financing● Neutral
Timberline borrowed $100,000 from its own Chairman, John Swallow, at 10% interest - insider financing for a small exploration company with little other access to capital, repayable in cash or stock at Timberline's option.
