www.clinemining.com
Cline Mining is in the business of acquiring, exploring and developing mine mineral resource properties to production in Canada, United States and overseas. The Company is a growth-oriented mine finder, developer and operator with an experienced management team and is supported by its strategic international corporate partner and shareholder, Mitsui Matsushima, a Japanese coal miner and conglomerate, which is also represented on the Cline Board of Directors.
Cline is developing its Lossan and Lodgepole metallurgical coal mine projects in British Columbia, Canada – C.I. 43 101 compliant Reports and feasibility studies completed; extensive diamond drilling program in progress at its Cline Lake gold property Ontario, Canada; additional iron ore mineral exploration on extensions and step-out areas at its Bekisopa, Madagascar iron ore properties; development of its New Elk metallurgical and thermal coal mine property in Colorado, U.S.A.
Cline Mining to raise $75 million through bought deal financing
Coal explorer Cline Mining (TSE:CMK) said Monday that it plans to raise $75.0 million through a bought deal equity offering.
The company has agreed to sell 27.28 million common shares at price of $2.75 each to a syndicate of dealers led by TD Securities.
Cline has also granted the syndicate an over-allotment option, exercisable for a period of 30 days following closing, to purchase up to an additional 4.1 million common shares, which could increase the offering size to $86.3 million.
The new funds will be used to complete the development of the company's New Elk coal mine, which includes re-installing the steel rail-spur and funding working capital.
The offering is scheduled to close around June 7, subject to regulatory approvals.
Cline has significant metallurgical coal property interests in British Columbia, Canada and in Colorado, U.S.A.., as well as iron ore properties in Madagascar and the Cline Lake Gold Mine property in northern Ontario.
