Closing of Bought DealBreaking News
CLINE MINING CORPORATION ANNOUNCES CLOSING OF $86 MILLION EQUITY OFFERING
09:34 EDT Tuesday, June 07, 2011
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TORONTO, June 7, 2011 /CNW/ - Cline Mining Corporation ("Cline Mining" or the "Company") (TSX:CMK) is pleased to announce the closing of its previously announced shortform prospectus offering of 31,372,000 common shares (the "Common Shares") at a price of $2.75 per Common Share for aggregate gross proceeds of$86,273,000 (which included the exercise of the over-allotment optionby the underwriters in full) (the "Offering"). A syndicate of underwriters, led by TD Securities Inc. and includingGMP Securities L.P., Jennings Capital Inc., Cormark Securities Inc. andM Partners Inc., acted as underwriters for the Offering.
Net proceeds of the offering will be used to complete the development ofthe New Elk coal mine which includes reinstalling the steel rail-spurand funding working capital.
This press release does not constitute an offer to sell or thesolicitation of an offer to buy the securities in the United States.The common shares being offered have not been and will not beregistered under the United States Securities Act of 1933, as amendedand accordingly are not being offered for sale and may not be offered,sold or delivered, directly or indirectly within the United States,except pursuant to an exemption from the registration requirements ofthat Act and applicable state securities laws.
About Cline: Cline has significant metallurgical coal property interestsin British Columbia, Canada and in Colorado, U.S.A. with NI 43-101compliant independent Technical Reports. Cline Mining Corporation is amine development company focused on the exploration and development ofmetallurgical steel making coals in Canada and the U.S., iron ore inMadagascar and the Cline Lake Gold Mine Property in northern Ontario,Canada.
CLINE MINING CORPORATION
Ken Bates, President and Chief Executive Officer