Toronto, Ontario, Canada, April 16, 2010 – Cline Mining Corporation (TSX: CMK) (“Cline” or the “Company”) is pleased to announce that it has closed the previously announced bought deal private placement financing (the “Offering”) of 30,500,000 common shares of the Company at a price of CDN$1.48 per share, for aggregate gross proceeds of CDN$45,140,000. The aggregate number of common shares issued included 7,000,000 common shares issued pursuant to the full exercise of the underwriters option granted to the underwriters in connection with the Offering. The syndicate of underwriters was co-led by Macquarie Capital Markets Canada Ltd. and PowerOne Capital Markets Limited and included Jennings Capital Inc., Cormark Securities Inc. and Salman Partners Inc.
The net proceeds from the Offering will be used to fund continued development of the New Elk Coal Mine and debt servicing costs and for general working capital purposes.
THE COMMON SHARES WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS ABSENT REGISTRATION OR AN APPLICABLE EXEMPTION FROM U.S. REGISTRATION REQUIREMENTS. THIS PRESS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY NOR SHALL THERE BE ANY SALE OF THE SECURITIES IN ANY STATE IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL.
About Cline Mining: Cline has significant metallurgical coal property interests in British Columbia, Canada and in Colorado, U.S.A. with resources identified by NI 43-101 compliant independent Technical Reports. Cline Mining Corporation is a mine development company focused on the exploration and development of metallurgical steel making coals in Canada and the U.S., iron ore in Madagascar and the Cline Lake Gold Mine Property in northern Ontario, Canada.
