Timberline Announces Completion of Private Placement Financing
11/23/09
November 23, 2009 - Coeur d'Alene, Idaho - Timberline Resources Corporation (NYSE Amex: TLR) ("Timberline") announced today that it has executed subscription agreements and closed (conditional upon NYSE Amex acceptance) its offering for 3,003,400 Units of Timberline at $1.00 per Unit, for gross proceeds of $3,003,400.
Each Unit consists of one share of common stock of Timberline and one half of one common stock purchase warrant (a "Warrant"). Each full Warrant will entitle the holder thereof to acquire one additional share of common stock at an exercise price of $1.50 per share until May 31, 2010 and thereafter at an exercise price of $1.75 per share until November 15, 2011. The net proceeds of the offering will be used by Timberline for exploration expenditures, working capital and general corporate purposes.
The securities described herein have not been registered under the U.S. Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to U.S. persons unless an exemption from registration is available. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States.
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