Timberline Resources Announces Pricing of Public Offering of Common Stock
COEUR D'ALENE, IDAHO--(Marketwired - Sep 4, 2013) - Timberline Resources Corporation (NYSE MKT:TLR)(TSX VENTURE:TBR) ("Timberline" or the "Company"), today announced the pricing of an underwritten public offering of 5,000,000 shares of common stock at a price to the public of $0.20 per share,. The gross proceeds from the offering are expected to be approximately $1,000,000, prior to deducting the underwriting discount and estimated offering expenses payable by Timberline. Timberline has granted the underwriter a 45-day option to purchase at the public offering price up to an aggregate of 750,000 additional shares of common stock to cover over-allotments, if any. The offering is expected to close on or about September 10, 2013, subject to customary closing conditions.
Timberline intends to use the net proceeds from the offering for exploration of our Lookout Mountain Project in Nevada, exploration and development of other existing or acquired mineral properties, working capital requirements, acquisitions, or for other general corporate purposes.
Aegis Capital Corp. is acting as the sole book-running manager for the offering.
The offering is being made pursuant to a shelf registration statement on Form S-3 that Timberline Resources Corporation has filed with the Securities and Exchange Commission ("SEC") and which is effective. A preliminary prospectus supplement containing important information relating to these securities has been filed with the SEC. The preliminary prospectus supplement is still subject to completion or amendment. A final prospectus supplement relating to the offering will be filed with the SEC. Copies of the preliminary prospectus supplement and, when available, copies of the final prospectus supplement and the accompanying base prospectus relating to these securities may be obtained by contacting Aegis Capital Corp., Prospectus Department, 810 Seventh Avenue, 18th Floor, New York, NY, 10019, telephone: 212-813-1010 or email prospectus@aegiscap.com. Electronic copies of the prospectus supplement and accompanying prospectus will also be available on the website of the SEC at www.sec.gov.
Closing of the Offering will be subject to certain conditions, including receipt of all necessary regulatory approvals and the approval of the TSX Venture Exchange and the NYSE MKT.
This press release does not constitute an offer to sell, or the solicitation of an offer to buy, these securities, nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale is not permitted. The securities being offered have not been approved or disapproved by any regulatory authority, nor has any such authority passed upon the accuracy or adequacy of the preliminary prospectus supplement, the accompanying base prospectus or the registration statement.