Like the others said, just send the eMail and let the client figure out what is clickable.
Just create a simple textfile template in a folder accessible by your mail script, e.g.
Thanks for signing up
This is your login data
------------
u: [username]
p: [password]
-------------
Active your account by clicking [activation-link]
Then in your mailing script, you load this file and str_replace()
the placeholders. This way, you dont have to garble your mail script with the email message and can easily maintain any changes without having to touch your script. You also dont have to bother coding linebreaks into it.
I strongly discourage using HTML mail. There is a huge uncertainty on the receiving end. Users may access their mail with clients unable or disabled to render HTML, so you will have to send the mail with alternate text (multipart). In addition, rendering of HTML in clients is a major pain.