Cline Mining secures new financing from Marret

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.

About Barry Cassell 20414 Articles
Barry Cassell is Chief Analyst for GenerationHub covering coal and emission controls issues, projects and policy. He has covered the coal and power generation industry for more than 24 years, beginning in November 2011 at GenerationHub and prior to that as editor of SNL Energy’s Coal Report. He was formerly with Coal Outlook for 15 years as the publication’s editor and contributing writer, and prior to that he was editor of Coal & Synfuels Technology and associate editor of The Energy Report. He has a bachelor’s degree from Central Michigan University.