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 closes $86m financing
Toronto-based Cline Mining Corp (TSE: CMX), a junior miner and exploration company, said on Tuesday that it has closed its previously announced $86 million offering.
Cline mining sold 31.3 million shares at a price of $2.75 per common share, receiving $86.3 million in gross proceeds, including an over-allotment option exercised in full.
The proceeds will be used to complete the development of its 315 million tonne New Elk coal mine in south Colorado, which includes reinstalling the steel rail-spur, as well as for working capital purposes.
The company announced on May 17 that it had struck a financing agreement with a syndicate of underwriters led by TD Securities.
The initial offering, without the over-allotment option, was for 27.3 million shares, at a price of $2.75 per share, to raise $75 million.
The option, exercisable for a period of 30 days following the deal's closing, is for the purchase of an additional 4 million common shares, which increases gross proceeds to $86.3 million.
Cline Mining is focused on the exploration and development of metallurgical steel making coals in Canada and the U.S., as well as on iron ore in Madagascar, and the Cline Lake Gold Mine property in northern Ontario, Canada.
