/PRNewswire-FirstCall/ -- Metalline Mining Company (NYSE Amex: MMG) is pleased to announce that on
December 22, 2009
, it closed a private placement of 6,500,000 units, with each unit consisting of one share of common stock and one warrant. Subject to certain conditions, every two warrants are exercisable to purchase one share of Metalline common stock at a price of
The units were purchased at
per unit, for total net proceeds to Metalline of
. These proceeds will be used for increased exploration activities at
and for general working capital.
The closing of the private placement was a material term of the Agreement and Plan of Merger and Reorganization Metalline entered into on
December 4, 2009
, as previously described in Metalline's current report of Form 8-K on that same date.
About Metalline Mining Company
Metalline Mining Company is an exploration stage enterprise engaged in the business of mining. The Company currently owns mining concessions in the municipality of
Sierra Mojada, Coahuila, Mexico
. The Company conducts its operations in
through its wholly owned Mexican subsidiaries, Minera Metalin S.A. de C.V. and Contratistas de Sierra Mojada S.A. de C.V. To obtain more information on Metalline Mining Company, visit the Company's web site (
This news release contains forward-looking statements regarding future events and Metalline's future results that are subject to the safe harbors created under the Securities Act of 1933 (the "Securities Act") and the Securities Exchange Act of 1934 (the "Exchange Act"). These statements are based on current expectations, estimates, forecasts, and projections about the industry in which Metalline operates and the beliefs and assumptions of Metalline's management. Words such as "expects," "anticipates," "targets," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," "continues," "may," variations of such words, and similar expressions, are intended to identify such forward-looking statements. In addition, any statements that refer to projections of Metalline's future financial performance, Metalline's anticipated growth and potentials in its business and other characterizations of future events or circumstances are forward-looking statements. Readers are cautioned that these forward-looking statements are only predictions and are subject to risks, uncertainties, and assumptions that are difficult to predict, including those identified elsewhere herein, Metalline's Annual Report on Form 10-K for the fiscal year ended
October 31, 2008
under "Risk Factors", and in subsequent Quarterly Reports on Form 10-Q. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. Metalline undertakes no obligation to revise or update any forward-looking statements for any reason.