---
schema_version: "secwatch.filing_event.v1"
accession: "0001654954-24-004660"
form_type: "8-K"
ticker: null
cik: "0001288750"
company_name: "Timberline Resources Corp"
filed_at: "2024-04-16T23:59:59+00:00"
generated_at: "2026-06-03T22:04:21.350424+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Timberline Resources acquired by McEwen Mining at ~$0.102/share, 132% premium

## Summary
- Exchange ratio of 0.01 McEwen share per Timberline share; ~$0.102/share based on 20-day VWAP.
- Undiluted equity transaction value of ~US$19.4M; closing subject to stockholder approval and regulatory conditions.
- McEwen provides bridge financing via promissory note at 15% annual interest, maturing October 15, 2024.
- CEO Patrick Highsmith and VP Steven Osterberg receive transaction bonuses (750,000 and 250,000 shares valued at VWAP) upon closing.
- Directors and officers entered into voting agreement supporting the merger; termination fee of $400,000 if Timberline accepts a superior proposal.

## SEC filing metadata
- accession: 0001654954-24-004660
- form_type: 8-K
- cik: 0001288750
- company_name: Timberline Resources Corp
- filed_at: 2024-04-16T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.03, 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1288750/000165495424004660/0001654954-24-004660-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1288750/000165495424004660/tlrs_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001654954-24-004660
- JSON: https://secwatch.observer/filing/0001654954-24-004660.json
- Plain text: https://secwatch.observer/filing/0001654954-24-004660.txt

## Key facts
- Material Agreements
  Timberline Resources Corp entered into Agreement and Plan of Merger with McEwen Mining Inc. valued at Each outstanding share of Timberline common stock will be converted into 0.01 of a share of McEwen c (effective 2024-04-16).
  - Action: entry
  - Agreement: merger
  - Counterparty: McEwen Mining Inc.
  - Value: Each outstanding share of Timberline common stock will be converted into 0.01 of a share of McEwen c
  - Effective: 2024-04-16
  source text: On April 16, 2024, Timberline Resources Corporation (the “ Company ” or “ Timberline Resources ”) entered into an Agreement and Plan of Merger (the “ Merger Agreement ”) with McEwen Mining Inc., a Colorado corporation (“ McEwen ”), and Lookout Merger Sub, Inc., a Delaware corporation and direct subsidiary of McEwen (“ Merger Sub ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1288750/000165495424004660/0001654954-24-004660-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.