Key Developments: Cline Mining Corp (CLNMF.PK)
0.04USD
24 May 2013
$0.00 (+5.67%)
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2,000
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$0.93
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Latest Key Developments (Source: Significant Developments)
Cline Mining Corp Announces Resignation Of President, Chief Executive Officer
Cline Mining Corp announced that Mr. Kenneth Bates has resigned as President, Chief Executive Officer (CEO) and Director of the Company and subsidiary, effective immediately. Mr. Bates has served as President, CEO and Director of the Company since foundation. Additionally, the Company announced that Mr. V. James Sardo has been appointed a director of the Company. Full Article
Cline Mining Corp Announces Board Changes
Cline Mining Corp announced that The Honourable Bill McKnight, P.C. resigned as a director of the Company effective May 21, 2013. It had previously been announced that on May 18, 2013 Mr. McKight had resigned as Chairman of the board. Full Article
Cline Mining Corp. Issues Second Round Of Bonds In Principal Amount Of USD25 million
Cline Mining Corp. announced that it has issued a second round of certain senior secured bonds having a principal amount of USD25 million. This Bond issuance is made in connection with the Company's previously announced debt financing whereby the Company entered into a trust indenture with Marret Asset Management Inc. and Computershare Trust Company of Canada as trustee for certain investment funds advised by Marret . The Bonds issued will mature on February 27, 2014 and will bear a coupon of 10% per annum, payable semi-annually in arrears in equal instalments. In consideration for the Company being permitted to draw down on the commitment of the Lenders to take up the Bonds, the Company issued 1.25 million common share purchase warrants to such Lenders. The Second Draw Warrants are exercisable at a price of CAD2.49 and will expire on April 30, 2015. In consideration for the waiver of certain provisions of the Trust Indenture, the Company also entered into a supplemental trust indenture on the date hereof which requires the Company to cancel all previously issued warrants and to issue new warrants on certain revised terms to the holders thereof. To effect the foregoing, the Company intends on entering into a new warrant indenture with CIBC Mellon Trust Company pursuant to which 10,000,000 common share purchase warrants will be issued. Full Article
Cline Mining Corp. Enters Into Definitive Agreements For USD50 Million Debt Financing
Cline Mining Corp. announced that it has entered into a trust indenture with Computershare Trust Company of Canada and Marret Asset Management Inc. (Marret) which provides for the issuance by the Company of up to USD50 million senior secured bonds to certain bondholders. The Bonds will have a maturity date that is two years from the date of initial issuance of Bonds and bear a coupon of 10% per annum, payable semi-annually in arrears in equal instalments. Pursuant to the terms of the Financing, the Company is also obligated to issue to the Lenders a further 1.25 million common share purchase warrants for every USD25 million in principal of the Commitment that is drawn down. The Drawdown Warrants are exercisable at a price equal to 120% of the volume weighted average price of Cline's common shares over the previous 10 trading days on which a formal drawdown notification is given to the Lenders. Each Drawdown warrant is exercisable into one common share of the Company and will expire three years from their date of issuance. Pursuant to the terms of the Financing, the Company is also obligated to issue to the Lenders a further 1.25 million common share purchase warrants for every USD25 million in principal of the Commitment that is drawn down. The Drawdown Warrants are exercisable at a price equal to 120% of the volume weighted average price of Cline's common shares over the previous 10 trading days on which a formal drawdown notification is given to the Lenders. Full Article
Xstrata PLC Completes Lossan Deposit From Cline Mining Corp.
Xstrata PLC announced that it has completed its 100% acquisition of the Lossan metallurgical coal deposit ("Lossan") from Cline Mining Corporation for CDN$40 million. Lossan is located in the Peace River Coalfield of north eastern British Columbia, Canada. Full Article
Xstrata PLC 12 Acquires Lossan Deposit From Cline Mining Corp.
Xstrata PLC announced that it has agreed to acquire 100% of the Lossan metallurgical coal deposit (Lossan) from Cline Mining Corporation for CAD40 million. The acquisition is expected to complete on October 12, 2011. Full Article
Cline Mining Corp. Sells Lossan Met-Coal Deposit To Xstrata Coal For CAD40 Million
Cline Mining Corp. announced that Xstrata Coal has agreed to acquire 100% of the Company's metallurgical coal deposit within Cline Mining's Lossan property (Lossan) for CAD40 million, subject to customary conditions. Closing is expected to occur on or about October 12, 2011. Full Article
Cline Mining Corp. Announces Closing Of $86 Million Equity Offering
Cline Mining Corp. announced the closing of its previously announced short form prospectus offering of 31,372,000 common shares at a price of $2.75 per Common Share for aggregate gross proceeds of $86,273,000 (which included the exercise of the over-allotment option by the underwriters in full). A syndicate of underwriters, led by TD Securities Inc. and including GMP Securities L.P., Jennings Capital Inc., Cormark Securities Inc. and M Partners Inc., acted as underwriters for the Offering. Net proceeds of the offering will be used to complete the development of the New Elk coal mine which includes reinstalling the steel rail-spur and funding working capital. Full Article
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