Mr. Steven Osterberg reports
TIMBERLINE RESOURCES ANNOUNCES PRIVATE PLACEMENT OFFERING
Timberline Resources Corp. has initiated a $1.25-million (U.S.) private placement offering of units of the company at a price of 25 U.S. cents per unit, with an overallotment option to increase the offering by up to 20 per cent, solely to persons who qualify as accredited investors under Rule 506(c) of Regulation D promulgated by the Securities and Exchange Commission under the Securities Act of 1933, as amended.
Each unit will consist of one share of common stock of the company and one common share purchase warrant, with each warrant exercisable to acquire an additional share of common stock of the company at a price of 40 U.S. cents per share until the warrant expiration date of Jan. 31, 2020. The company may accelerate the warrant expiration date if the price of the company's common stock closes at or above 90 U.S. cents for 20 consecutive trading days.
The terms of the offering also include that the company will use commercially reasonable efforts to prepare and file a registration statement under the Securities Act for resale of the shares of common stock and the shares of common stock underlying the warrants to the extent allowed by the Securities and Exchange Commission.
The company intends to use the net proceeds of the offering for working capital, costs associated with property and claim maintenance, and exploration expenses.
About Timberline Resources
Timberline Resources is focused on advancing district-scale gold exploration and development projects in Nevada, including its Talapoosa project in Lyon county, where the company has completed and disclosed a positive preliminary economic assessment. Timberline also controls the 23-square-mile Eureka project lying on the Battle Mountain-Eureka gold trend.
We seek Safe Harbor.
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