COEUR D'ALENE, Idaho, Jan. 11 /PRNewswire-FirstCall/ -- Metalline Mining Company (NYSE Amex: MMG) is pleased to announce the completion of one of the contingencies contained in the previously announced Agreement and Plan of Merger and Reorganization with Dome Ventures Corporation ("Dome"). On December 4, 2009, Metalline announced the general terms of the proposed merger transaction involving Metalline and Dome.
On January 11, 2010 Dome closed a private placement of its securities for gross proceeds of $13,010,000 (the "Offering"). The closing of the Offering satisfied one of the conditions precedent to completing the proposed merger transaction involving Metalline and Dome.
The gross proceeds from the Offering will be held in escrow subject to certain conditions. Upon the satisfaction of those conditions, and the completion of the previously announced transaction with Dome, the net proceeds from the Offering will be available to Metalline and used for the exploration and development at Metalline's Sierra Mojada project, and for general working capital purposes.
The transaction between Dome and Metalline, as well as the release of the net proceeds of the Offering from escrow, remain subject to a number of conditions including, both parties seeking and obtaining stockholder approval and the approval of the NYSE Amex and TSX Venture Exchange to list the shares of Metalline common stock to be issued in the transaction on those exchanges. If the conditions are not satisfied by July 10, 2010, then the proceeds of the Offering will be returned to the investors.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 Mexico 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 ( www.metallinemining.com).