COEUR D'ALENE, ID / ACCESSWIRE / November 14, 2018 / Timberline Resources Corporation (OTCQB: TLRS; TSX-V: TBR)
("Timberline" or the "Company") has received final approval from the Toronto Venture Exchange for closing of a first tranche of the
previously announced non-brokered private placement (the "Offering") by issuing 6,291,479 units ("Units") for a total of
US$503,318.32. A second tranche is expected to close by late-November.
The Offering, which was initially announced on October 23, 2018, consists of up to 6,250,000 Units at a price of US$0.08 per
Unit for a total of US$500,000, with an over-allotment option to increase the Offering by up to 20%. Each Unit consists of one
share of common stock of the Company and one common share purchase warrant (each a "Warrant") (together the "Securities"), with
each Warrant exercisable to acquire an additional share of common stock of the Company at a price of US$0.14 per share until the
warrant expiration date of October 29, 2021.
Two insiders of the Company participated in the private placement and subscribed for 812,500 Units. Participation by the two
insiders constitutes a related party transaction as defined under Multilateral Instrument 61-101 - Protection of Minority
Security Holders in Special Transactions. Because the Company's shares trade only on the TSX Venture Exchange and OTCQB, the
issuance of securities is exempt from the formal valuation requirements of Section 5.4 of MI 61-101 pursuant to Subsection 5.5(b)
of MI 61-101 and exempt from the minority shareholder approval requirements of Section 5.6 of MI 61-101 pursuant to Subsection
5.7(b) of MI 61-101.The Company did not file a material change report 21 days prior to the closing of the private placement as the
details of the participation of insiders of the Company had not been confirmed at that time.
The Offering is being completed under Rule 506(b) of Regulation D promulgated by the SEC under the Securities Act of 1933, as
amended (the "Securities Act") solely to persons who qualify as accredited investors and in accordance with applicable Canadian
securities laws.
The Company intends to use the net proceeds of the Offering for working capital and exploration expenses at the Elder Creek and
other projects.
The Securities offered in the Offering have not been registered under the Securities Act or the securities laws of any state of
the United States and may not be offered or sold in the United States absent such registration or an applicable exemption from such
registration requirements. This press release does not constitute an offer to sell or a solicitation of an offer to buy securities
nor shall there be any sale of the securities referenced herein in any state or other jurisdiction in which such offer,
solicitation or sale is not permitted. The securities referenced herein have not been approved or disapproved by any regulatory
authority. The Securities are subject to legal restrictions on transfer and resale and investors should not assume they will be
able to resell their securities. Additionally, securities issued to investors in Canada are subject to a four month hold period in
accordance with Canadian securities laws. Investing in the Securities involves risk, and investors should be able to bear the loss
of their investment.
About Timberline Resources
Timberline Resources Corporation is focused on advancing district-scale gold exploration and development projects in Nevada.
These include its 23 square-mile Eureka property, comprising the Lookout Mountain, Windfall, and Oswego projects which lie along
three separate structural stratigraphic trends defined by distinct geochemical gold anomalies, as well as being operator of both
the Paiute joint venture project with a subsidiary of Barrick Gold, and the Elder Creek joint venture with McEwen Mining. All of
these properties lie on the prolific Battle Mountain-Eureka gold trend. Timberline also owns the Seven Troughs property in Northern
Nevada, which is one of the state's highest-grade former producers. Timberline has increased its owned and controlled mineral
rights in Nevada to over 43 square miles (27,500 acres). Detailed maps and NI 43-101 estimated resource information for the Eureka
property may be viewed at http://timberlineresources.co/.
Timberline is listed on the OTCQB where it trades under the symbol "TLRS" and on the TSX Venture Exchange where it trades under
the symbol "TBR".
Steven Osterberg, Ph.D., P.G., Timberline's President and Chief Executive Officer, is a Qualified Person as defined by National
Instrument 43-101 and has reviewed and approved the technical contents of this release.
Forward-looking Statements
Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute
forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Such forward-looking statements reflect the Company's expectations about its future operating results,
performance and opportunities that involve substantial risks and uncertainties. These statements include but are not limited to
statements regarding the intended use of proceeds, exercise of warrants, finder's fees or consulting fees payable, advancement of
Lookout Mountain and Windfall projects, exploration potential, completion of the property acquisition from AGEI, and the size of
the Company's owned and controlled mineral rights. When used herein, the words "anticipate," "believe," "estimate," “upcoming,”
"plan," "target", "intend" and "expect" and similar expressions, as they relate to Timberline Resources Corporation, its
subsidiaries, or its management, are intended to identify such forward-looking statements. These forward-looking statements are
based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that
could cause the Company's actual results, performance, prospects, and opportunities to differ materially from those expressed in,
or implied by, these forward-looking statements. Factors that could cause or contribute to such differences include, but are not
limited to, risks related to changes in the Company's business resulting in changes in the use of proceeds, and other such factors,
including risk factors discussed in the Company's Annual Report on Form 10-K for the year ended September 30, 2017. Except as
required by law, the Company does not undertake any obligation to release publicly any revisions to any forward-looking
statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For Further Information Please Contact:
Steven A. Osterberg
President and CEO
Tel: 208-664-4859
E-mail: info@timberline-resources.com
SOURCE: Timberline Resources Corporation
