By Devika Patel
Knoxville, Tenn., Oct. 29 - Timberline Resources Corp. said it plans to sell a $5 million convertible note and $5 million in shares to Ron Guill, one of its directors, who will become the company's largest shareholder from this deal.
The note will have a two-year term. It is convertible into common shares at $1.50 per share.
The shares will be sold at $0.90 apiece.
Proceeds will allow Timberline to pay off its bridge loan with Auramet Trading, LLC and provide working capital.
Timberline is a mineral exploration company based in Coeur D'Alene, Idaho.
| Issuer: | Timberline Resources Corp.
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| Issue: | Convertible secured note, common shares
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| Amount: | $10 million
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| Warrants: | No
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| Investor: | Ron Guill
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| Pricing date: | Oct. 27
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| Stock symbol: | Amex: TLR
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| Stock price: | $0.72 at close Oct. 28
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|
|
| Note
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| Amount: | $5 million
|
| Maturity: | Two years
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| Price: | Par
|
| Conversion price: | $1.50
|
|
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| Shares
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| Amount: | $5 million
|
| Price: | $0.90
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