Timberline Resources receives notice from NYSE Timberline Resources announced that it has received notice from the NYSE that due to the Exchange's determination that the company's securities have been selling for a low price per share for a substantial period of time, pursuant to Section 1003(f)(v) of the NYSE MKT Company Guide, the company's continued listing is predicated on it effecting a reverse stock split of its common stock within a reasonable period of time, which the Exchange has determined to be no later than November 19. The Exchange did acknowledge in its notification letter that the company has disclosed its intention to seek shareholder approval for a reverse stock split of its common stock in connection with the company's proposed acquisition of Wolfpack Gold. The acquisition of Wolfpack U.S. is expected to close early in July. The reverse stock split contemplated as part of the arrangement to acquire Wolfpack U.S. is expected to alleviate the concerns of the Exchange within a reasonable period of time.
Waterton proposes to acquire Timberline Resources for 58c per share In a regulatory filing announcing its 9.9% stake in Timberline Resources, Waterton Precious Metals Fund II announced it has signed a letter agreement dated September 13, pursuant to which it has expressed interest in acquiring all of the issued and outstanding shares of Timberline's common stock for cash consideration of 58c per share. Timberline has granted Waterton Precious Metals Fund II an exclusivity period until 30 days following receipt of certain due diligence materials to complete its due diligence review and for the execution of definitive agreements, which may include lock-up agreements. The company has also granted Waterton deal protections including a break fee of 5% of the aggregate value of the transaction.