McEwen Mining Completes Acquisition of Timberline Resources
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McEwen Mining Completes Timberline Resources Acquisition
McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) recently announced the successful completion of its acquisition of Timberline Resources Corporation (TSXV:TBR)(OTCQB:TLRS). The acquisition took place through a merger between Timberline and a fully owned subsidiary of McEwen Mining, marking a significant milestone for both companies.
Details of the Acquisition
Timberline's shareholders approved the merger during a special meeting which took place recently. Through this transaction, Timberline shareholders will receive 0.01 of a share of McEwen Mining for each Timberline share they hold.
Next Steps for Timberline Shareholders
For Timberline shareholders to receive their shares in McEwen Mining, they must fill out and return a letter of transmittal along with the certificate representing their shares. These forms are being sent out to the shareholders by Computershare Investor Services Inc., the designated depositary.
Shareholders who have their Timberline shares registered through a broker or another intermediary will see their shares transfer automatically shortly.
Future Plans for the Acquired Assets
Rob McEwen, Chairman and Chief Owner of McEwen Mining, expressed excitement about integrating Timberline’s assets into McEwen's portfolio. The focus will be on advancing the Eureka project with plans for additional exploration drilling, permits, and development strategies.
McEwen stated, "We are pleased to bring Timberline’s assets into McEwen Mining and offer a warm welcome to its shareholders. Our priority is adding opportunities for growth at a reasonable cost." Nevada remains a critical focus area for the company's operations as they plan for long-term growth.
Impact on Stock Listings
With the completion of this transaction, shares of Timberline will be delisted from both the TSX Venture Exchange and the OTCQB Venture within five business days, reflecting the seamless integration into McEwen Mining.
About McEwen Mining
McEwen Mining is a prominent gold and silver producer with operations in several countries, including Nevada, Canada, Mexico, and Argentina. The company also holds about 48% of McEwen Copper, which focuses on the development of the Los Azules copper project in Argentina. McEwen Mining is committed to enhancing the productivity of its mining assets while increasing shareholder value.
Rob McEwen has a personal investment of US$225 million in the company, emphasizing his strong belief in its long-term success. The company aims to ensure stability and growth through thoughtful asset management.
Contact Information
For more information or inquiries about the company, shareholders and interested parties can reach McEwen Mining at:
Email: info@mcewenmining.com
Toll-free line: (866)-441-0690
Phone: (647)-258-0395
Frequently Asked Questions
1. What was the main purpose of the acquisition between McEwen Mining and Timberline Resources?
The main purpose of the acquisition was to integrate Timberline’s assets into McEwen Mining and enhance its exploration and production capabilities, particularly at the Eureka project.
2. How will Timberline shareholders benefit from the acquisition?
Timberline shareholders will receive shares of McEwen Mining based on the exchange ratio of 0.01 shares for each Timberline share held.
3. What steps should Timberline shareholders take to receive their McEwen Mining shares?
Shareholders need to complete and return a letter of transmittal along with their share certificates to receive McEwen Mining shares.
4. What markets will Timberline's shares be removed from after the acquisition?
Timberline's shares will be delisted from the TSX Venture Exchange and the OTCQB Venture shortly after the acquisition completion.
5. Where can investors find more information about McEwen Mining?
Investors can find more detailed information about McEwen Mining's operations and contact details on its official website or by reaching out to their investor relations team.
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