McEwen Mining Inc (MUX)

[JD400]

$MUX McEwen Mining to buy remaining stake in Timberline Resources
Reuters | April 16, 2024 | 9:55 am Markets Canada USA Copper Gold

Talapoosa gold project in western Nevada, 45 km east of Reno. Credit: Timberline Resources
Canadian miner McEwen Mining entered into a deal to acquire all outstanding shares of Timberline Resources that it doesn’t already own, the companies said on Tuesday.

McEwen currently owns 6.25 million Timberline shares, or around 3.3% of the company, along with 6.25 million warrants.

Excluding existing ownership, McEwen, which has operations in Nevada, Canada, Mexico and Argentina, expects to issue around 1.84 million shares on closing for a transaction value of $18.8 million.

Timberline shareholders will receive 0.01 of a share of McEwen’s common stock for each Timberline share held, representing a value of $0.102 per Timberline share, or a premium of 132%, the companies said.

Timberline Resources, a Nevada based exploration company focused on gold and copper discoveries, would be required to pay McEwen a termination fee of $400,000 if it terminates the agreement.

(By Seher Dareen; Editing by Shailesh Kuber)

https://www.mining.com/web/mcewen-mining-announces-deal-to-buy-remaining-shares-of-timberline-resources/