Cline Mining to raise $75 million through bought deal financing
Coal explorer Cline Mining (TSE:CMK) said Monday that it plans to raise $75.0 million through a bought deal equity offering.
The company has agreed to sell 27.28 million common shares at price of $2.75 each to a syndicate of dealers led by TD Securities.
Cline has also granted the syndicate an over-allotment option, exercisable for a period of 30 days following closing, to purchase up to an additional 4.1 million common shares, which could increase the offering size to $86.3 million.
The new funds will be used to complete the development of the company's New Elk coal mine, which includes re-installing the steel rail-spur and funding working capital.
The offering is scheduled to close around June 7, subject to regulatory approvals.
Cline has significant metallurgical coal property interests in British Columbia, Canada and in Colorado, U.S.A.., as well as iron ore properties in Madagascar and the Cline Lake Gold Mine property in northern Ontario.
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