applies to delist from TSX; CFO and COO resign
2013-06-13 20:05 ET - News Release
Shares issued 209,144,977
CMK Close 2013-06-13 C$ 0.04
Mr. Mark Haywood reports
CLINE ANNOUNCES DE-LISTING FROM TSX
Cline Mining Corp. has made an application to the Toronto Stock Exchange to voluntarily delist its shares from the exchange. Subject to confirmation from the TSX, Cline expects that the shares will be delisted from the TSX at the close of trading on June 21, 2013. Cline had previously announced it had been placed under remedial listing review by the TSX. The listing review had been deferred by the TSX pending completion of the proposed rights offering. On June 3, 2013, Cline announced that the rights offering would not be proceeding. Subsequently, the board of directors of the company decided to voluntarily delist the shares from the TSX.
The company's executive chairman, Mark Haywood, stated: "At the present time, continued listing on the TSX is not feasible for Cline and does not fit with its current business strategy. The company expects that after delisting it will have additional flexibility with respect to financing options."
Cline is currently in negotiations will Marret Asset Management Inc., on behalf of certain bondholders, with respect to an alternate financing. Cline does not expect to have sufficient funds to pay the $3.4-million interest payment due on June 17, 2013, to its existing bondholders. Cline is also negotiating a forbearance agreement with Marret, on behalf of existing bondholders, that would address the June interest payment.
Additionally, the company announced that Ernest Cleave has resigned as chief financial officer of the company and David Stone as chief operating officer, effective immediately. Mr. Cleave has served as chief financial officer of the company since 2009, and Mr. Stone since mid-2012.