TORONTO, June 13, 2013 /CNW/ - Cline Mining Corporation ("Cline" or the
"Company") (TSX:CMK) announced today that it has made an application to
the Toronto Stock Exchange (the "TSX") to voluntarily delist its shares
from the exchange. Subject to confirmation from the TSX, Cline expects
that the shares will be delisted from the TSX at the close of trading
on June 21, 2013. Cline had previously announced it had been placed
under remedial listing review by the TSX. The listing review had been
deferred by the TSX pending completion of the proposed rights
offering. On June 3, 2013 Cline announced that the rights offering
would not be proceeding. Subsequently, the board of directors of the
Company decided to voluntarily delist the shares from the TSX.
The Company's Executive Chairman, Mr. Mark Haywood stated "At the present time, continued listing on the TSX is not feasible for
Cline and does not fit with its current business strategy. The Company
expects that after delisting it will have additional flexibility with
respect to financing options."
Cline is currently in negotiations will Marret Asset Management Inc.
("Marret"), on behalf of certain bondholders, with respect to an
alternate financing. Cline does not expect to have sufficient funds to
pay the $3.4 million interest payment due on June 17, 2013 to its
existing bondholders. Cline is also negotiating a forbearance
agreement with Marret, on behalf of existing bondholders, that would
address the June interest payment.
Additionally, the Company announced that Mr. Ernest Cleave has resigned
as Chief Financial Officer of the Company, and Mr. David Stone as Chief
Operating Officer, effective immediately. Mr. Cleave has served as
Chief Financial Officer of the Company since 2009, and Mr. Stone since
Cline is a Canadian mining company focused on the development of its
100% owned New Elk coking coal mine located in Colorado, U.S.A. The
Company also has interests in metallurgical steel making coals in
Canada, an iron ore project in Madagascar, and the Cline Lake gold
property in northern Ontario, Canada. With a head office in Toronto and
site offices at the mine, Cline is led by a management and operations
team with over 100 years of exploration and mining experience.
For further details on Cline, please refer to Cline's web site (www.clinemining.com) and Cline's Canadian regulatory filings on SEDAR at www.sedar.com
The Toronto Stock Exchange does not accept responsibility for the
adequacy or accuracy of this release. No stock exchange, securities
commission or other regulatory authority has approved or disapproved
the information contained herein.
SOURCE: Cline Mining Corporation
For further information:
Clarkson Gordon Heritage Building 181 Bay Street, Toronto, M5J 2T3
+1 (416) 504-7600