UPDATE: Cline Mining Announces US$2.5 M Bond Interest Default; Shares Dive to 9-Yr Low
Cline Mining Corporation (CMK.TO) announced today that it was unable to make the semi-annual payment of interest in the amount of US$2,500,000 that was due on December 17, 2012 on its outstanding US$50,000,000 principal amount of 10% senior secured bonds. The Company has been in discussions with Marret Asset Management Inc., which represents the bondholders, and is considering the options available to the Company.
CMK is currently down 57%, to 7.5 cents. More than 7.2 million shares have changed hands.
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