Cline Mining (TSX: T.CMK, Stock Forum) shares plummeted 75% to a penny on volume of more than 11 million shares Friday after the company announced that it has made an application to the Toronto Stock Exchange to voluntarily delist its shares at the close of trading on June 21, 2013, this according to a company news release.
Cline said it is currently in negotiations will Marret Asset Management, on behalf of certain bondholders, with respect to an alternate financing, as it does not expect to have sufficient funds to pay the $3.4 million interest payment due on June 17, 2013, to its existing bondholders.
The company added that its Chief Financial Officer and Chief Operating Officer has resigned, effective immediately.