MINES MANAGEMENT, INC. (NYSE-MARKET: "MGN", TSX: "MGT")(also the "Company") has received notification from the NYSE MKT (the "Exchange") stating that, in accordance with Section 1009 of the Company Guide, the Company has made a reasonable demonstration of its ability to regain compliance with Section 1003(a)(iv) of the NYSE MKT Company Guide (the "Company Guide") by the end of the revised plan period, which the Exchange has extended to be June 30, 2016.
The Company's cash reserves as of December 31, 2015, are estimated to be sufficient to continue operations through the end of the first quarter of 2016. The Company is seeking financing and may consider a joint venture of the Montanore Project or other strategic alternatives. If the Company were to issue equity at the current stock price, the conversion price of the existing Series B 6% convertible preferred stock (the "preferred stock"), would be adjusted from the current $0.7866 per share downward to equal the issuance price, resulting in an increase in the number of shares of common stock issuable on conversion of the preferred stock.
"Our 2015 operational and financial results reflect Fortuna´s capacity to perform soundly in a challenging metal price environment. Adjusting for a $25.0 million impairment at our Caylloma Mine, the company delivered $6.7 million of adjusted net income."
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