Toronto, Ontario, Canada November 10, 2010. Cline Mining Corporation (“Cline Mining” or the “Company”) (TSX:CMK) is pleased to announce the closing of its previously announced short form prospectus offering of 29,555,000 common shares (the “Common Shares”) at a price of $1.95 per Common Share for aggregate gross proceeds of $57,632,250 (which included the exercise of the over-allotment option by the underwriters in full) (the “Offering”). A syndicate of underwriters, co-led by TD Securities Inc. and Jennings Capital Inc. and including Macquarie Capital Markets Canada Ltd. and M Partners Inc., acted as underwriters for the Offering.
PowerOne Capital Markets Limited acted as financial advisor to Cline Mining with respect to the Offering.
The net proceeds of the Offering will be used primarily for funding the Company’s working capital and capital expenditures required for the New Elk coal mine, repayment of indebtedness and general and administrative expenses for the 12 months subsequent to the completion of the Offering.
The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any U.S. state securities laws, and may not be offered or sold in the United States absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
On behalf of the Board of Directors
David Kahn
Chairman and CEO
Forward-Looking Information
This press release may contain forward-looking statements based on assumptions, uncertainties and management’s best estimates of future events. All statements that address future activities, events or developments that the Corporation believes, expects or anticipates will or may occur are forward-looking information. Forward-looking information is based upon assumptions by management that are subject to known and unknown risks and uncertainties beyond the Corporation’s control. There can be no assurance that outcomes anticipated in the forward-looking information will occur and actual results may differ materially for a variety of reasons. Accordingly, readers should not place undue reliance on forward-looking information. The Corporation undertakes no obligations to update publicly or otherwise revise any forwardlooking information, except as may be required by law. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to the Corporation’s filings with the Canadian securities regulators available on www.sedar.com.
FOR FURTHER INFORMATION PLEASE CONTACT: Adam Chambers
Telephone (416) 907-9422
achambers@gmfbcommunications.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.by applicable laws. Copies of the Company’s public filings under applicable Canadian securities laws are available at www.sedar.com. The Company further cautions that information contained on, or accessible through, this website is current only as of the date of filing such information and may be superseded by subsequent events or filings.
Principal Offices:
Toronto Office: 181 Bay Street, Heritage Building, 3rd Floor, Brookfield Place, Toronto, ON M5J 2T3 Vancouver Office: Suite 2950 – 650 West Georgia Street, Vancouver BC V6B 4N8 Contacts: Ken Bates, President and CEO
Ernest Cleave, Vice-President and CFO
Office: (416) 572 2002
Email: info@clinemining.com
Website: www.clinemining.com
