Timberline Receives Notice From the NYSEMKT
08 Febrero 2014 - 8:17PM
Marketwired
Timberline Receives Notice From the NYSEMKT
COEUR D'ALENE, IDAHO--(Marketwired - Feb 8, 2014) - Timberline
Resources Corporation (NYSEMKT:TLR)(TSX-VENTURE:TBR) ("Timberline"
or the "Company") announced today that it has received notice from
the NYSEMKT LLC (the "Exchange") that the Company is not in
compliance with one of the Exchange's continued listing standards
as set forth in Part 10 of the NYSEMKT Company Guide (the "Company
Guide"). Specifically, the Company is not in compliance with
Section 1003(a)(iv) of that Company Guide in that it has sustained
losses which are substantial in relation to its overall operations
or its existing financial resources, or its financial condition has
become impaired such that it appears questionable, in the opinion
of the Exchange, as to whether the Company will be able to continue
operations and/or meet its obligations as they mature.
In order to maintain its listing on the Exchange, the Exchange
has requested that the Company submit a plan of compliance (the
"Plan") by February 20, 2014 addressing how it intends to regain
compliance with Section 1003(a)(iv) of the Company Guide by March
31, 2014.
Timberline's management has been working to increase its working
capital and minimize expenditures by forgoing salaries, minimizing
discretionary exploration expenditures and reducing other expenses.
Most recently, the Company had relied on anticipated funding
through purchases of shares of its common stock by RockStar
Resources ("RockStar") pursuant to the Exclusivity Fee specified in
the No-Shop/Exclusivity clause of the Confidentiality Agreement
entered into by and between the Company and RockStar in December
2013 (see press release dated December 5, 2013). However, as
previously announced on February 6, 2014, the Company has not
received any funds from RockStar from the funding commitments for
December 31, 2013 and January 31, 2014. The resulting cash
deficiency is a major factor considered by the Exchange prior to
its issuance of the notice of non-compliance.
Timberline's management is pursuing a number of potential
transactions to address the Company's financial requirements. The
Company intends to submit a Plan in the prescribed form to the
Exchange prior to the due date that management anticipates will
address the concerns of the Exchange and regain compliance with the
Exchange's continued listing standards. If the Plan is not accepted
by the Exchange, then the Company will be subject to the Exchange's
delisting procedures.
The Company recognizes the need to engage in financing
transactions to continue as a going concern given its current cash
balance and anticipated, upcoming operating expenses. Such
financing activities may include equity financings, asset sales,
strategic alliances, or other arrangements, in order to execute its
operating plans and exploration programs. The Company may not be
able to obtain necessary financing in sufficient amounts to meet
its ongoing obligations or on acceptable terms, if at all, however,
Company management believes that through its best efforts it will
complete a Plan and one or more transactions that will bring the
Company into compliance with NYSEMKT guidelines.
Unexpected regulatory delays in permitting have resulted in
deferred receipts of cash flow from the Company's Butte Highlands
project, however the permitting process is advancing as the Montana
Department of Environmental Quality works to finalize preparation
of a Final Environmental Impact Statement as the remaining
milestone toward issuance of the final Hard Rock Operating
Permit.
About Timberline Resources
Timberline Resources Corporation is exploring and developing
advanced-stage gold properties in the western United States.
Timberline holds a 50-percent carried interest ownership stake in
the Butte Highlands Joint Venture in Montana. Timberline's
exploration is primarily focused on the major gold districts of
Nevada, where it is advancing its flagship Lookout Mountain Project
toward a production decision while exploring a pipeline of quality
earlier-stage projects at its South Eureka Property and elsewhere.
Timberline's leadership has a proven track record of discovering
economic mineral deposits that are developed into profitable
mines.
Timberline is listed on the NYSEMKT where it trades under the
symbol "TLR" and on the TSX Venture Exchange where it trades under
the symbol "TBR".
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.
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 Company's intention to submit a Plan to the Exchange,
the management's expectation that the submitted Plan will be
accepted by the Exchange, potential future financing transactions,
prospective income from the Butte Highlands Project and the uses of
such income, if any and the Company's ability to raise enough to
continue as a going concern. 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 the Company and RockStar not being
able to reach agreement on a mutually beneficial transaction, risks
related to the Company not being able to obtain alternative
financing, risks related to RockStar not being able to fund the
exclusivity fee, risks related to potential future transactions,
risks related to the Company continuing as a going concern, and
other such factors, including risk factors discussed in the
Company's Annual Report on Form 10-K for the year ended September
30, 2013. Except as required by Federal Securities law, the Company
does not undertake any obligation to release publicly any revisions
to any forward-looking statements.
Timberline Resources CorporationPaul DircksenCEO208.664.4859
Timberline Resources (TSXV:TBR)
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