Cline Mining, which has an idled coal mine in Colorado, said July 9 that it has successfully closed on a C$9.5m 10% senior secured convertible bond financing with Marret Asset Management.
Cline Executive Chairman Mark Haywood stated: “Our new financing arrangement with Marret Asset Management Inc. is designed to ensure that Cline can meet its obligations over the short to medium term whilst it continues discussions with a number of significant investment groups.”
A June 17 interest payment owing of approximately C$3.2m was satisfied through the issuance of these Convertible Bonds.
Cline is a Canadian mining company focused on the maintenance and development of its 100% owned New Elk coking coal mine in Colorado. 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.
