Cline Mining bond payment forbearance extended by trustee to Aug. 29

Company continues to assess financing options

By Caroline Salls

Pittsburgh, July 15 – Cline Mining Corp. received extensions of its forbearance agreements with bond trustee Computershare Trust Co. of Canada, according to a company news release.

Computershare is the trustee for Cline’s $65.5 million 10% senior secured bonds and its C$12.3 million 10% senior secured convertible bonds.

The forbearance will remain in effect until the earlier of Aug. 29 and the occurrence of a termination event.

As previously reported, Cline failed to make the principal and interest payments due on the bonds, which matured on June 15.

The company said it is continuing to assess financing options aimed at maximizing the long-term value of its assets.

Cline is a mine development company based in Sudbury, Ont.

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