McEwen Mining Finalizes Acquisition of Timberline Resources
McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) has announced that it has successfully completed its acquisition of Timberline Resources Corporation (TSXV:TBR)(OTCQB:TLRS). This acquisition was executed through a merger with a wholly-owned subsidiary of McEwen Mining, representing a significant achievement for both entities.
Acquisition Details
The merger was approved by Timberline's shareholders during a special meeting held recently. As part of this agreement, Timberline shareholders will receive 0.01 shares of McEwen Mining for each Timberline share they own.
Next Steps for Timberline Shareholders
To obtain their shares in McEwen Mining, Timberline shareholders must complete and return a letter of transmittal along with their share certificates. Computershare Investor Services Inc., the appointed depositary, is sending these forms to the shareholders.
For those who have their Timberline shares registered through a broker or another intermediary, the transfer of shares to McEwen Mining will occur automatically in the near future.
Plans for the Acquired Assets
Rob McEwen, Chairman and Chief Owner of McEwen Mining, expressed enthusiasm about incorporating Timberline’s assets into McEwen's portfolio. The primary focus will be on advancing the Eureka project, which includes plans for further exploration drilling, obtaining permits, and developing strategic initiatives.
McEwen remarked, "We are excited to welcome Timberline’s assets into McEwen Mining and extend a warm welcome to its shareholders. Our goal is to create growth opportunities at a reasonable cost." The company will continue to prioritize Nevada as a key area for its long-term growth strategy.
Stock Listings Impact
As a result of this transaction, Timberline shares will be delisted from both the TSX Venture Exchange and the OTCQB Venture within five business days, demonstrating a smooth integration into McEwen Mining.
About McEwen Mining
McEwen Mining is a leading producer of gold and silver, with operations spanning several countries, including Nevada, Canada, Mexico, and Argentina. The company also owns approximately 48% of McEwen Copper, which is focused on developing the Los Azules copper project in Argentina. McEwen Mining is dedicated to improving the productivity of its mining assets while enhancing shareholder value.
Rob McEwen has personally invested US$225 million in the company, underscoring his confidence in its long-term potential. The company is committed to ensuring stability and growth through effective asset management.
Contact Information
For further information or inquiries regarding the company, shareholders and interested parties can contact 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 primary aim of the acquisition was to integrate Timberline’s assets into McEwen Mining, thereby enhancing its exploration and production capabilities, especially at the Eureka project.
2. How will Timberline shareholders benefit from the acquisition?
Timberline shareholders will receive shares of McEwen Mining based on an exchange ratio of 0.01 shares for each Timberline share they hold.
3. What steps should Timberline shareholders take to receive their McEwen Mining shares?
To receive their McEwen Mining shares, shareholders must complete and return a letter of transmittal along with their share certificates.
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 is finalized.
5. Where can investors find more information about McEwen Mining?
Investors can access more detailed information about McEwen Mining's operations and contact details on its official website or by reaching out to their investor relations team.
