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Saw that also but not sure what's up with this one, it does say share are expected to be cancelled.
Hmmmm.......Velli Interesting............et z
This is from news may 4th. Common shares will be cancelled.
Obtains Revocation Of Previously Issued Cease Trade Orders [Market News Publishing (Canada)]
CLINE MINING CORP
CLINE MINING CORP ("CMK-T;CLNMF-0") - Obtains Revocation Of Previously Issued Cease Trade Orders
Cline Mining Corporation ("Cline" or the "Company") is pleased to announce that each of the Ontario Securities Commission, the Autorite des marches financiers and the Manitoba Securities Commission has revoked the cease trade orders previously issued by said commissions in respect of the securities of the Company (the "Cease Trade Orders").
The Cease Trade Orders were issued due to the delay by the Company in filing of its year-end financial statements for the period ended November 30, 2014. All of such disclosure documents are now filed and available for review online at SEDAR under the Company's profile. Cline also filed its interim unaudited financials and MD&A for the three-month period ended February 28, 2015.
The Company previously announced that it is currently under proceedings pursuant to the Companies' Creditors Arrangement Act ("CCAA"). Under the terms of the recapitalization plan approved by the Ontario Supreme Court of Justice (the "Court") in respect of Cline, it is expected that the existing common shares of Cline will be cancelled. Cline intends to apply to cease to be a reporting issuer upon completion of the recapitalization plan.
CLNMF nice DD .. 0023 close .. 200m a/s on high alert
The new CEO has worked for many HEDGE funds including Icahn and Blackstone! This is huge!
As at November 30, 2014, and April 29, 2015, the number of outstanding common shares totalled 209,144,977 and 11,400,000
broker warrants.
Background on CLNMF Management team:
http://www.clinemining.com/company/management.html
Management
Matt Goldfarb / Chief Restructuring Officer and Acting Chief Executive Officer
Mr. Goldfarb has over 13 years of experience as both an operator and investor in natural resources, having most recently served as Chief Executive Officer of Xinergy Ltd., a Central Appalachian producer of premium quality metallurgical and thermal coal. Since 2000, Mr. Goldfarb has also acted in various roles including having served as a senior investment professional at The Blackstone Group/GSO Capital Partners, Pirate Capital LLC and Icahn Associates Corp. and as a Director of James River Coal Company.
Paul Haber / Chief Financial Officer and Corporate Secretary
Mr. Paul Haber CPA-CA, C.Dir is a Chartered Accountant, a Certified Public Accountant (Illinois) and a Chartered Director. With a strong background in US/Canadian accounting and finance, he is presently managing the private company Haber & Co. Ltd which provides outsourced corporate finance services to public and private companies. Mr. Haber has served as the CFO of various TSXV and TSX listed companies and is also active on several corporate boards.
Greg Smith / Technical Services Manager
Mr. Greg Smith BSc (Earth Sciences), B Economics has over 13 years of international coal industry experience spanning technical marketing, business development, project management, mine site technical services and exploration roles. Mr. Smith was previously Global Technical Manager at Xstrata (Singapore), and has held Technical Services Manager and Mine Geologist roles at Xstrata Coal, Mt Isa Mines and mining consulting companies. Mr. Smith is experienced in coal quality and underground coal operations, is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM) and a fellow of the Australian Institute of Geologists (AIG).
Directors
Sandra Rosch / Chair
Ms. Rosch is President of Stonecrest Capital Inc., a Canadian restructuring advisory firm which has acted as Chief Restructuring Officer for the court-supervised restructurings of Grant Forest Products Inc., Stelco Inc., Algoma Steel Inc. and Athletes World Inc. She also advised the Office of the Superintendent of Financial Institutions on the pension plan issues related to the Air Canada restructuring. In addition to over 11 years of restructuring experience, Ms. Rosch has 17 years of experience in investment banking at two fully integrated Canadian investment banks. Ms. Rosch has a Bachelor of Commerce from McMaster University and an Masters of Business Administration from The University of Western Ontario.
V. James Sardo / Director
Mr. Sardo is a corporate director with significant CEO and corporate governance experience. He is currently a director and Chairman of the board of Capstone Infrastructure Corporation, a director of New Flyer Industries and a director of Currency Exchange International Corporation. He earned his Bachelor of Arts degree from The University of Western Ontario and a Master of Business Administration degree at McMaster University. Mr. Sardo is a member of the Institute of Corporate Directors and holds the ICD.D designation.
Matt Goldfarb / Director
Mr. Goldfarb has over 13 years of experience as both an operator and investor in natural resources, having most recently served as Chief Executive Officer of Xinergy Ltd., a Central Appalachian producer of premium quality metallurgical and thermal coal. Since 2000, Mr. Goldfarb has also acted in various roles including having served as a senior investment professional at The Blackstone Group/GSO Capital Partners, Pirate Capital LLC and Icahn Associates Corp. and as a Director of James River Coal Company.
Background on CLNMF CEO Matthew Goldfarb
Mr. Matthew Goldfarb, also known as Matt, has been Acting Chief Executive Officer and Chief Restructuring Officer of Cline Mining Corp. since January 15, 2014. Mr. Goldfarb served as Interim Chief Executive Officer of Xinergy Corp. and served as its Vice Chairman since July 2011. He served as the Chief Executive Officer at Xinergy Ltd. from May 2012 to November 04, 2013. He served as Interim Chief Executive Officer at Xinergy Ltd. since May 14, 2012, served as its Vice Chairman since July 15, 2011. Prior to this, Mr. Goldfarb served as a Portfolio Manager at Fourth Street Holdings, L.L.C. from June 2010 to July 2011. From January 2009 to January 2010, he managed leveraged loan trading businesses at Pali Capital, Inc. and Tradition (North America) Inc. Mr. Goldfarb was a Senior Investment Analyst of The Blackstone Group/GSO Capital Partners LP from January 2007 to December 2008. He served as Senior Investment Analyst at Pirate Capital LLC from January 2005 to September 2006. Mr. Goldfarb joined Pirate Capital in January 2005 and served until September 2006. He was the Counsel at Icahn Associates Corp. for five years, where he focused on distressed deals and other opportunistic investments. Mr. Goldfarb was an Associate at Schulte Roth & Zabel LLP for three years. He has been a Director of Huntingdon Capital Corp since June 6, 2013 and Cline Mining Corp. since January 15, 2014. He served as a Director of FAM Real Estate Investment Trust. Mr. Goldfarb has been an Independent Director of Fisher Communications, Inc., since May 19, 2011. He served as a Director of CKE Restaurants, Inc since April 13, 2006, James River Coal Co. from August 22, 2006 to October 16, 2006, and Greenwich Global Capital Inc. since December 2009. He served as a Director of Xinergy Ltd. from December 21, 2009 to November 04, 2013 and served as its Lead Independent Director. He was a Director of The Blackstone Group/GSO Capital Partners LP from January 2007 to December 2008. Mr. Goldfarb earned his J.D. from Fordham Law School in 1997 and his B.A. in Economics from the University of Wisconsin in 1993.
This one is thin and under the radar.... anybody know the share structure??
Last Friday was record volume and today's volume might beat that
Maybe setting it up for next week
Could be a head fake not sure on watch
$CLNMF @ .003!
$CLNMF @ .002!
Cline Reorganization Plan Approved
TORONTO, ONTARIO, Feb 05, 2015 (Marketwired via COMTEX) -- Cline Mining Corporation ("Cline" or the "Company") announced that it has received approval of the proposed recapitalization plan announced on December 3, 2014, as amended (the "Recapitalization Plan").
Cline Mining Corporation ("Cline") and its wholly-owned subsidiaries, New Elk Coal Company LLC ("New Elk") and North Central Energy Company ("North Central" and collectively with Cline and New Elk, the "Applicants") obtained creditor protection in proceedings under the Companies' Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended pursuant to an initial order of the Ontario Superior Court of Justice (Commercial List) (the "Court") dated December 3, 2014. On January 20, 2015, Cline amended its proposed recapitalization plan. On January 21, 2015, the creditors voting on the Recapitalization Plan approved it unanimously, and on January 27, 2015 the Court approved and sanctioned the Recapitalization Plan. On January 28, 2017, the Court's approval of the Recapitalization Plan was given full force and effect pursuant to an Order of the U.S. Bankruptcy Court for the District of Colorado.
Readers are cautioned that the description below is a summary only and that readers should consult the specific court orders and the Recapitalization Plan and other items referred to below, all of which are available on the website of FTI Consulting Canada Inc., the court-appointed Monitor of Cline, New Elk and North Central, available at the following address: http://cfcanada.fticonsulting.com/cline/.
On December 3, 2014 the Court approved a claims process for the identification of claims against the Applicants and their present and former directors. On the same date the Court made a meetings order (the "Meetings Order") and accepted the filing of a plan of compromise and arrangement in respect of the Applicants (the "Original Plan") and authorized the Applicants to call, hold and conduct meetings of their creditors in order to provide them the opportunity to consider and vote on a resolution to approve the Original Plan.
The Original Plan was amended on January 20, 2015 to reflect the terms of a proposed resolution in respect of a class action proceeding against Cline and New Elk alleging violation of the U.S. federal Worker Adjustment and Retraining Notification Act (the "WARN Act"). The Applicants' Recapitalization Plan was filed with the Court on January 20, 2015.
The following is a summary of the principal terms of the Recapitalization Plan:
a. the Recapitalization Plan is filed on a consolidated basis in respect of
the Applicants;
b. the Recapitalization Plan provides for three separate classes of
creditors, namely (i) secured noteholders, (ii) affected unsecured
creditors and the WARN Act plaintiffs;
c. the Recapitalization Plan apportions the aggregate secured noteholders'
claim between an allowed secured claim, which is $92,673,897 for
purposes of the Recapitalization Plan, and the allowed unsecured claim,
which is $17,500,000 and which represents the secured noteholders'
unsecured deficiency claim;
d. the allowed secured claim will be compromised, released and discharged
in exchange for new Cline common shares representing 100% of the equity
in Cline, and new indebtedness in favour of the secured noteholders
evidenced by a credit agreement with a term of seven years in the
principal amount of $55 million, bearing interest at 0.01% per annum
plus an additional variable interest payable only once the Applicants
have achieved certain operating revenue targets;
e. the claims of affected unsecured creditors, which exclude the WARN Act
claims but include the secured noteholders allowed unsecured claim, will
be compromised, released and discharged in exchange for each such
affected unsecured creditor's pro rata share of an unsecured,
subordinated, non-interest bearing entitlement to receive $225,000 from
Cline on the date that is eight years from the date the Plan is
implemented (the "Unsecured Plan Entitlement");
f. notwithstanding the allowed unsecured claim, the secured noteholders
will waive their entitlement to the proceeds of the Unsecured Plan
Entitlement, and all such proceeds will be available for distribution to
the other affected unsecured creditors on a pro rata basis;
g. all affected unsecured creditors with valid claims of up to $10,000
will, instead of receiving their pro rata share of the Unsecured Plan
Entitlement, be paid in cash for the full value of their claims,
provided that this cash payment will not apply to any secured
noteholders allowed unsecured claim;
h. all WARN Act claims will be compromised, released and discharged in
exchange for the payment on the Recapitalization Plan implementation
date of a cash payment in the amount of $90,000, and an unsecured,
subordinated, non-interest bearing entitlement to receive $120,000 on
the date that is eight years from the Recapitalization Plan
implementation date, provided that, in each case, certain reasonable
fees, costs and expenses arising from the WARN Act class action case
will be funded from such consideration;
i. certain claims against the Applicants, including employee priority
claims, government priority claims, claims covered by insurance, certain
prior-ranking secured claims of equipment providers and the secured
claim of Bank of Montreal in respect of corporate credit card payables,
will remain unaffected by the Recapitalization Plan;
j. existing equity interests in Cline will be cancelled for no
consideration;
k. the shares of New Elk and North Central will not be affected by the
Recapitalization Plan and will remain owned by Cline and New Elk,
respectively; and
l. the Recapitalization Plan provides for the release of certain parties in
relation to certain claims.
The Meetings Order authorized the Applicants to convene a meeting of secured noteholders, a meeting of affected unsecured creditors and a meeting of WARN Act plaintiffs to consider and vote on the Recapitalization Plan. The Recapitalization Plan was approved on January 21, 2015 by the creditors voting in each class, as follows:
Secured Noteholders Class: 100% in number and 100% in value (consisting of 16 secured noteholders.
Affected Unsecured Creditors Class: 100% in number and 100% in value (consisting of 16 secured noteholders, 62 convenience creditors and 4 other affected unsecured creditors).
WARN Act Plaintiffs Class: 100% in number and 100% in value (consisting of the two representative plaintiffs in the WARN Act class action).
Subsequent to the vote, the Court approved and sanctioned the Recapitalization Plan on January 27, 2015.
Each of the orders of the Court have been given full force and effect in the United States pursuant to reciprocal orders of the United States Bankruptcy Court for the District of Colorado pursuant to Chapter 15 of the United States Code.
The implementation of the Recapitalization Plan remains conditional upon the completion of certain conditions precedent. The Applicants are in the process of working towards the satisfaction of those conditions precedent and are targeting implementation of the Recapitalization Plan within the next 30 to 60 days. This process is not expected to affect Cline's day-to-day business. Cline has access to the funding necessary to continue without disruption while the Recapitalization Plan is being executed. Cline intends to continue to pay employees for services rendered during implementation of the Recapitalization Plan and intends to continue paying its suppliers for goods and services purchased by Cline and its subsidiaries after December 3, 2014 through the implementation period.
Cline Announces Recapitalization Transaction
TORONTO, ONTARIO, Dec 03, 2014 (Marketwired via COMTEX) -- Cline Mining Corporation ("Cline" or the "Company") announced today a proposed recapitalization transaction (the "Recapitalization") with the following key elements:
-- A reduction of over $55 million in secured debt issued by Cline.
-- The compromise or arrangement of certain unsecured debts of Cline.
-- A change of control of the equity of Cline.
The terms of the Recapitalization have been negotiated with Marret Asset Management Inc., which has investment discretion in respect of all of the secured notes issued by the Company. The secured notes represent in excess of 95% of the outstanding debt of Cline and its subsidiaries. The Recapitalization comes after an extended period of forbearance by Cline's secured noteholders, whose debts matured on June 15, 2014 and remain unpaid.
"The recapitalization transaction is a positive development for Cline as we seek to further streamline our projects and capital structure to better withstand prolonged commodity price weakness," said Matt Goldfarb, Chief Restructuring Officer and acting Chief Executive Officer of Cline. "It will allow us to stabilize our financial situation while continuing to pursue opportunities to optimize the Company and work toward resuming full-scale operations at our New Elk coal mine pending improvements in the seaborne coking coal market."
Cline will seek to implement the Recapitalization through a court-supervised process. To that end, Cline and its wholly-owned subsidiaries, New Elk Coal Company LLC ("New Elk") and North Central Energy Company ("North Central" and together with Cline and New Elk, the "Cline Group"), have obtained an Order from the Ontario Superior Court of Justice (Commercial List) (the "Court") initiating proceedings under the Companies' Creditors Arrangement Act (the "CCAA").
FTI Consulting Canada Inc. has been appointed by the Court as the CCAA monitor (the "Monitor") and foreign representative with respect to the Cline Group in the CCAA proceedings. It is anticipated that the Monitor will file a petition under Chapter 15, Title 11 of the United States Code to obtain a stay of proceedings and recognition of the CCAA proceedings and the Recapitalization in the United States.
If implemented, the Recapitalization will result in the cancellation of the existing common shares of Cline and the issuance of new common shares to the holders of the secured notes issued by Cline. Cline intends to apply to cease to be a reporting issuer upon completion of the Recapitalization.
The Cline Group is seeking to complete the Recapitalization within 60 to 90 days. This process is not expected to affect the Cline Group's day-to-day business. The Cline Group has access to the funding necessary to continue without disruption while the Recapitalization is being pursued. The Cline Group intends to continue to pay employees for services rendered during the CCAA proceedings and intends to pay its suppliers for goods and services purchased by the Cline Group following the CCAA filing.
The Cline Group expects to hold meetings for its creditors on a date to be set by the Court for purposes of voting on a CCAA plan of compromise and arrangement that, if approved and implemented, will give effect to the Recapitalization. Details of the Recapitalization and the Plan will be provided in an information statement to be distributed to affected creditors.
The implementation of the Recapitalization is conditional upon, among other things, receiving the requisite creditor approvals under the CCAA, Court approval in the CCAA proceedings and recognition in the Chapter 15 proceedings. The hearing for the approval of the Plan will occur on a date to be set by the Court.
For further information about the Recapitalization, please refer to the Monitor's website at the following web address: http://cfcanada.fticonsulting.com/cline.
Bought another 70k today. Will keep adding the dips. Expect updates soon with new CEO.
Yep,my big buys i had to breakup and even then MMs didnt fill me all the way before price moved up!!rats added 25000 more this morning 1,750 all they gave at .0054 then they showed it as a sell !! manipulation at its best lol..then i moved to ask at .0077 there it filled.real thin hang on if that bid order switches to ask,,GO CLNMF
DD most of the night and cline mining is turning the corner to bring shareholder value uptrending..DD on anything and everthing about big money backing and even Warren Buffet buying Burlington Northern Railroad for the main reason? Yep COAL ..Warren and Chris knew plants that burn coal would be modified to burn cleaner for a cheaper source of energy compared to windfarms,solar.. Coal prices rising big time and pps @ cline mining will rise watch and see...CABO
Wish i had several million shares,250,000 here locking away for rainy day bankit adijas..
Agree did my DD,this will pop when people find out the phosphate mining going on with cline mining that alone will skyrocket pps..Chris is building big export terminals for the upcoming demand for over seas coal use..invested here for long haul and happy i got in at this level..cline mining is dotting the i x the t .....CABO
CLNMF: 50,000 oz of Gold:
http://www.clinemining.com/company/index.html
The Company is also in the process of exploring its wholly owned Cline Lake gold project after establishing an initial mineral resource of over 50,000 ounces of gold.
z
CLNMF Gold Mine Property:
http://www.clinemining.com/projects/gold/cline-lake.html
Cline Mining’s Cline Lake Gold Property is located in Jacobson Township in the Wawa gold camp in Northern Ontario, Canada. Cline has completed an extensive diamond drill program on the property, the results of which were presented in a National Instrument 43-101 report prepared by independent consultant Dr. D. McBride PEng in December 2009. The NI 43-101 report identified seven significant new gold zones and areas of potential for future exploration work.
z
92% Increase in CLNMF Mining Acreage: These resource increases are attributed to the agreement the Company entered into with the Department of Wildlife of the State of Colorado (“DOW”), which extended its present DOW coal mining property lease area at New Elk from 15,553 acres to 29,940 acres, a 92% percent increase in acreage.
z
CLNMF New CEO: From May 2012 until November 2013 Mr. Goldfarb served as Chief Executive Officer of Xinergy Ltd. (TSX:XRG), a Central Appalachian coal producer, having previously served as its Vice Chairman and lead independent director. Since 2000, Mr. Goldfarb has also acted in various roles including serving as a senior investment professional at The Blackstone Group/GSO Capital Partners, Pirate Capital LLC and Icahn Associates Corp.
z
CLNMF: Photo Gallery....pure Sex:
http://www.clinemining.com/projects/gallery.html
z
CLNMF: Working Coal Mine with 30 Years future production:
http://www.clinemining.com/projects/coal/new-elk.html
z
,02 then 6 then.10 weeeeeeeheeeeee
Hell with that bid 3 x slapped A$K running hard ..
Seatbelt is on baby!!
Was $5 stock few years back before it fell on hard times and now they have new management. Really thin.
Nice Raven!! lets move this baby!!
Ton of scanners being hit now
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