Close X Cookies are necessary for the proper functioning of 24hGold.com. By continuing your navigation on our website, you are accepting the use of cookies.
To learn more about cookies ...
EnglishFrench
In the same category
Cline Mining Announces Bond Interest Default
Published : December 18, 2012
( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment
Keywords :   Canada | Cline | Coal | Gold | Iron | K Street | Madagascar | Market |

Cline Mining Announces Bond Interest Default

TORONTO, Dec. 18, 2012 /CNW/ - Cline Mining Corporation ("Cline" or the "Company") (News - Market indicators) announced today that it was unable to make the semi-annual payment of interest in the amount of US$2,500,000 that was due on December 17, 2012 on its outstanding US$50,000,000 principal amount of 10% senior secured bonds.  The Company has been in discussions with Marret Asset Management Inc., which represents the bondholders, and is considering the options available to the Company.

About Cline

Cline, through its subsidiaries, has metallurgical coal property interests in Colorado, U.S.A. with NI 43-101 independent Technical Reports. It also is the plaintiff in a legal action commenced against the British Columbia government with respect to the loss of rights under coal licences relating to certain properties in British Columbia.  Cline is focused on the exploration and development of metallurgical steel making coals in Canada and the U.S., and on its iron ore property in Madagascar and its Cline Lake gold property in northern Ontario, Canada.

Forward-Looking Statements

This press release contains forward-looking statements (including "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995) relating to, among other things, the operations of the Company, the environment in which it operates and the Company's future financial and operating performance. Generally, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Such statements are based on assumptions, estimates, forecasts and projections made in light of the trends, conditions and expected developments that are considered to be relevant and reasonable in the circumstances at the date that such statements are made. Forward-looking statements are not guarantees of future performance and such information is inherently subject to known and unknown risks, uncertainties and other factors that are difficult to predict and may be beyond the control of the Company. A number of factors and assumptions may cause actual results, level of activity, performance or outcomes of the Company to be materially different from those expressed or implied by such forward-looking statements including, without limitation, the future price of coal, industry market trends and predictions, the estimation of mineral reserves and resources, capital, operating and exploration expenditures, costs and timing of future exploration, requirements for additional capital, government regulation of mining operations, environmental risks, reclamation expenses, title disputes or claims, limitations of insurance coverage and regulatory matters and other risks set forth in other public filings of the Company. Consequently, undue reliance should not be placed on such forward-looking statements. In addition, all forward-looking statements in this press release are given as of the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.

Head office:

Brookfield Place, 181 Bay Street, 3rd Floor, Clarkson Gordon Heritage Building, Toronto, ON, M5J 2T3


SOURCE: Cline Mining Corporation

For further information:

Ken Bates, President and CEO
Office: (416) 504-7600
Email: kbates@clinemining.com

Belinda Labatte
Greg DiTomaso
The Capital Lab
Office: (647) 438-2193
Email: investor@clinemining.com

Companies Mentionned : Coal & Allied Industries | Government | Heritage | Reliance | X-ore |
Data and Statistics for these countries : Canada | Madagascar | All
Gold and Silver Prices for these countries : Canada | Madagascar | All

Cline Mining Corp

CODE : CMK.TO
ISIN : CA1869051054
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Cline Mining is based in Canada.

Cline Mining holds various exploration projects in Canada and in Madagascar.

Its main exploration properties are CLINE LAKE in Canada and BEKISOPA in Madagascar.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
In the News and Medias of Cline Mining Corp
12/16/2013Commodity traders step up investments as prices decline – Tr...
4/28/2010South African mining deaths on decline, says trade union
Nominations of Cline Mining Corp
6/17/2013Announces Appointment of CFO
5/24/2013announces resignation of President, CEO and director and app...
5/22/2013announces resignation of director
5/21/2013announces resignation of Chairman, Director and the appointm...
4/17/2013announces resignation of Brian Tobin from the Board and Appo...
2/11/2013Announces Appointment of Directors
Financials of Cline Mining Corp
4/16/2013announces filing of first quarter 2013 Financial Statements ...
3/1/2013announces filing of 2012 Financial Statements and its Manage...
Corporate news of Cline Mining Corp
6/18/2013Executes Forbearance Agreement With Trustee
6/13/2013announces de-listing from TSX
4/26/2013announces entering into recapitalization agreement
4/23/2013announces Annual General Meeting
4/11/2013issues additional bonds under its financial restructuring
4/8/2013- Parties extend deadline for receipt of non-refundable depo...
4/1/2013enters into agreement for equity recapitalization
2/28/2013enters into non-binding letter of intent
1/9/2013- Update on TSX Regulatory Matters
12/27/2012Enters Into Agreement for Financial Restructuring
12/18/2012Announces Bond Interest Default
9/17/2012announces update on New Elk mine
10/3/2011Establishes a Stand-by Commitment for up to US$50 Million
5/16/2011Announces $75 Million Equity Offering
5/16/2011- NEW ELK COAL MINE UPDATE
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TORONTO (CMK.TO)Other OTC (CLNMF)
0.005+0.00%0.002+0.00%
TORONTO
CA$ 0.005
06/21 15:59 -
0%
Prev close Open
0.005 0.005
Low High
0.005 0.010
Year l/h YTD var.
 -  -
52 week l/h 52 week var.
- -  0.005 -50.00%
Volume 1 month var.
2,467,600 -50.00%
24hGold TrendPower© : -38
Produces
Develops
Explores for
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
Annual variation
DateVariationHighLow
2013
2012-96.27%2.270.05
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Harvest Natural(Ngas-Oil)HNR
Receives Continued Notice Listing From NYSE
US$ 0.57+0.00%Trend Power :
Matsa(Au-Ngas-Oil)MAT.AX
Matsa Resources Quarterly Report March 2016
AU$ 0.16+0.00%Trend Power :
New Gold(Cu-Le-Zn)NGD
New Gold Announces Results of Vote for Election of Board of Directors
US$ 4.67+4.24%Trend Power :
Titanium Corp(Oil-Ti)TIC.V
Reports Fiscal Year 2016 Second Quarter Results
CA$ 0.33-4.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
1st Quarter Report
AU$ 0.14+0.00%Trend Power :
Teck(Ag-Au-Co)TCK
Reports Voting Results From Annual General Meeting
US$ 12.16+8.96%Trend Power :
Norwest EnergyNWE.AX
Quarterly Activities Cashflow Reports
AU$ 0.00-33.33%Trend Power :
Troy Res.(Ag-Au-Cu)TRY.AX
Quarterly Activities Report - March 2016
AU$ 0.64+8.55%Trend Power :
Southern Copper(Cu-Zn-Mo)PCU
Reports 1Q16 results
US$ 29.57-0.94%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
FIRST QUARTER RESULTS
CA$ 4.78+0.84%Trend Power :
Royal Gold(Ag-Au-Cu)RGLD
Royal Gold Announces 21% Increase in Attributable Reserves
US$ 61.89+2.77%Trend Power :
Detour Gold(Au)DGC.TO
Detour Gold Reports First Quarter 2016 Results
CA$ 25.93+3.89%Trend Power :
Royal Gold(Ag-Au-Cu)RGLD
Royal Gold Reports a 26% Revenue Increase in Its Third Fiscal Quarter
US$ 61.89+2.77%Trend Power :
Detour Gold(Au)DGC.TO
Detour Gold Re-purchases $75 million of Convertible Notes
CA$ 25.93+3.89%Trend Power :
Treasury MetalsTML.TO
Announces Private Placement Financing
CA$ 0.50+1.01%Trend Power :
New Gold(Cu-Le-Zn)NGD
New Gold delivers 2016 first quarter production at significantly lower costs
US$ 4.67+4.24%Trend Power :
Barrick Gold(Cu-Le-Ni)ABX.TO
Remarks by Executive Chairman John L. Thornton at Annual Meeting
CA$ 23.51+6.72%Trend Power :
NyrstarNYR.BE
Results of the Annual and Extraordinary General Shareholders' Meetings held on 27 April 2016
€UR 0.49+0.00%Trend Power :
Pan American Silver(Ag-Au-Cu)PAAS
Kootenay Investor Pan American Silver to Buy 6.79M Shares
US$ 15.45+3.28%Trend Power :
NyrstarNYR.BE
First Quarter 2016 Interim Management Statement
€UR 0.49+0.00%Trend Power :