11:06:27 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Timberline Resources Corp
Symbol TBR
Shares Issued 75,164,082
Close 2014-10-24 C$ 0.075
Market Cap C$ 5,637,306
Recent Sedar Documents

Timberline to begin trading postrollback Nov. 3

2014-10-24 17:41 ET - News Release

Mr. Paul Dircksen reports

TIMBERLINE ANNOUNCES TERMS OF REVERSE STOCK SPLIT

Timberline Resources Corp. has released the terms of the reverse stock split that was approved by the company's stockholders at the annual and special meeting of the stockholders held on Aug. 5, 2014. The company's board of directors has set the ratio for the reverse stock split at one for 12 to be effective at the close of business on Oct. 31, 2014, and in effect for trading on a reverse-split-adjusted basis on the NYSE MKT and the TSX Venture Exchange on Nov. 3, 2014.

"The reverse split is important to maintain our listing on the NYSE MKT exchange, which we believe provides value and liquidity to our stockholders," said Paul Dircksen, Timberline's president and chief executive officer. "Our stockholders demonstrated strong support for the reverse split with their overwhelming approval of the proposal at the annual meeting."

At the effective time of the amendment to Timberline's certificate of incorporation effecting the reverse stock split, every 12 shares of Timberline's issued and outstanding common stock will be consolidated into one one newly issued and outstanding share of common stock, without any change in the par value per share. Timberline's shares of common stock will continue to trade on the NYSE MKT under the symbol TLR and on the TSX-V under the symbol TBR with a new Cusip number of 887133205.

The reverse stock split will reduce the number of shares of Timberline's outstanding common stock from approximately 119 million to approximately 9.9 million. Proportional adjustments will be made to the company's outstanding stock options, outstanding warrants and equity incentive plan. The number of authorized shares of the company's common stock will remain unchanged.

Once the reverse stock split becomes effective, stockholders holding shares through a brokerage account will have their shares automatically adjusted to reflect the one-for-12 reverse stock split. Existing stockholders holding common stock certificates will receive a transmittal letter from the company's transfer agent, Corporate Stock Transfer, with specific instructions regarding the exchange of certificates. No fractional shares will be issued in connection with the reverse stock split. Stockholders who otherwise would be entitled to receive fractional shares because they hold a number of prereverse stock split Timberline shares not evenly divisible by 12, will have the number of postreverse split Timberline shares to which they are entitled rounded up to the next whole number of Timberline shares. No stockholders will receive cash in lieu of fractional shares.

We seek Safe Harbor.

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