04:46 PM EDT, 08/19/2024 (MT Newswires) -- McEwen Mining ( MUX ) on Monday said it closed the $25.8-million acquisition of Timberline Resources ( TLRS ) , gaining control of the company's Eureka project in Nevada.

McEwen offered 0.01 of a share for each Timberline share held. The offer was approved by Timberline shareholders at an Aug.16 meeting.

"We aim to move the Eureka project forward on multiple fronts, including additional exploration drilling, permitting activities and development planning," said Chairman and Chief Owner Rob McEwen.

Shares of Timberline will cease trading the TSX Venture Exchange within five business days.

The company's shares closed up $1.25 to $13.56 on the Toronto Stock Exchange.