- The Company has received a forbearance and restructuring fee in the amount of US$335,000, which has been satisfied by Cline issuing additional Bonds;
- The Company purchased US$2,000,000 of additional Bonds (the "New Bonds") on January 11, 2013; the Company has agreed to purchase an additional US$1,000,000 in Bonds subject to Cline meeting various conditions;
- The Company has received a cash commitment fee in the amount of US$100,000 in respect of the purchase of the New Bonds;
- As an additional commitment fee for the purchase of the New Bonds, the Company received 400,000 new warrants from Cline, which are exercisable at a price of CDN$0.09 per common share and expire on January 11, 2016;
- The exercise price on Cline's existing warrants held by the Company was reduced to CDN$0.09 from CDN$1.15;
- In exchange for participating in a standby underwriting commitment (the "Standby Commitment") for a CDN$35,000,000 rights offering to current common shareholders of Cline at a price of CDN$0.0205 per share (the "Rights Offering Price"), the Company has received a commitment fee of US$642,000, which was satisfied by the issuance of Bonds. The Company will exchange such Bonds for common shares of Cline at the Rights Offering Price, should the Marret Plan be implemented;
- The Standby Commitment may require the Company to subscribe for up to CDN$6,400,000 worth of common shares of Cline at the Rights Offering Price; and
- 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 Resource Corp. Announces Participation In Cline Mining Restructuring
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