TORONTO, Oct. 15, 2013 /CNW/ - Cline Mining Corporation ("Cline" or the "Company") announced today that it has successfully closed on a second round of $1,100,000 10% senior secured convertible bond financing (the "Convertible Bonds") with funds managed by Marret Asset Management Inc. ("Marret"). The Convertible Bonds were issued at a 3.0% discount resulting in net realizable funds of $1,067,000 for the Company.
The Company's President & Chief Executive Officer, Mr. Mark Haywood stated that "The financing with Marret will enable Cline to continue to meet its obligations until mid-November as alternative financings and potential investor discussions are advanced."
The trust indenture for the Convertible Bonds and the second supplement providing for the $1,100,000 issuance are available on the Company's reference page on SEDAR www.sedar.com.
Cline is a Canadian mining company focused on the maintenance and 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.
SOURCE: Cline Mining Corporation
For further information:
President & Chief Executive Officer
Chief Financial Officer & Corporate Secretary
Heritage Building, 181 Bay Street, Toronto, Ontario, M5J 2T3
+1 (416) 504-7600