Mcewen Mining Inc. has just announced the completion of its acquisition of all the issued and outstanding common shares of Timberline Resources Corporation. This acquisition was achieved through a merger between Timberline and a wholly-owned subsidiary of Mcewen Mining. The merger was overwhelmingly approved by Timberline shareholders at a special meeting held on August 16th, 2024.
As a result of this transaction, the shares of Timberline will cease trading on the TSX Venture Exchange and the OTCQB Venture within five business days. Former Timberline shareholders are entitled to receive 0.01 of a Mcewen Mining share for each Timberline share held. Shareholders must complete, sign, date, and return the letter of transmittal, along with the certificate or DRS statement representing their shares, to receive Mcewen Mining shares in exchange for Timberline shares.
Rob McEwen, Chairman and Chief Owner of Mcewen Mining, expressed his satisfaction with the acquisition, stating, "We are pleased to bring Timberline's assets into Mcewen Mining and offer a warm welcome to its shareholders. We aim to move the Eureka project forward on multiple fronts, including additional exploration drilling, permitting activities, and development planning. Nevada is a place where we want to operate for a long time, and our priority is adding opportunities for growth at a reasonable cost."
The completion of this acquisition marks a significant development for Mcewen Mining, as it seeks to expand its operations and pursue growth opportunities. Today the company's shares have moved 10.4% to a price of $9.95. For more information, read the company's full 8-K submission here.
