UPDATE: Marret Resource to Participate in Cline Mining Restructuring; Marret Up 1.6%

By Midnight Trader,  January 16, 2013, 11:00:55 AM EDT

Marret Resource Corp. (MAR.TO) is participating in the financial restructuring of Cline Mining Corporation (CMK.TO), announced by Cline on December 27, 2012. On January 11, 2013, as part of a bridge financing to allow for a comprehensive recapitalization of its balance sheet, Cline issued US$7,000,000 of 10% senior secured bonds,, to be added to the US$50,000,000 of Bonds already outstanding.

Marret held US$6,710,000 of the Bonds prior to the additional issue of Bonds on January 11, 2013. Under the Marret Plan, up to 40% of the Bonds held by the Company will be exchanged for common shares of Cline at an effective exchange price of approximately US$0.012 per share.

Marret is up 8 cents to $4.98, bringing it near a yr high of $5.50. Cline is near a yr low of 5 cents.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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