VANCOUVER, Dec. 15, 2016 /CNW/ - Northcliff Resources Ltd.
("Northcliff" or the "Company") (TSX: NCF) is pleased to announce
that it has closed a private placement financing (the "Private
Placement") with a subsidiary of Todd Corporation ("Todd"), issuing
27.2 million common shares its capital ("Common Shares") at a price
of $0.11 per Common Share to Todd,
for gross proceeds to the Company of $3
million. The Common Shares issued are subject to
applicable resale restrictions, including a four month hold period
under Canadian securities rules.
Todd now owns a total of 48,541,616 Common Shares in the capital
of Northcliff, representing 36.3% of the Company's outstanding
Common Shares.
For further details, please see Northcliff's News Release dated
October 27, 2016.
About Northcliff Resources Ltd.
Northcliff, associated with Hunter Dickinson Inc. (HDI), is a
mineral resource company focused on advancing the Sisson
Tungsten-Molybdenum Project located in New Brunswick, Canada, to production. The
results of the Feasibility Study completed in January 2013 confirm that the Sisson Project is
technically and economically feasible and can move on to the next
stage of development.
The Sisson Environmental Impact Assessment Report (the "EIA
Report") was submitted to both the federal Canadian Environmental
Assessment Agency ("CEAA") and the New Brunswick Department of
Environment and Local Government in July
2013. The Company received provincial EIA Report approval on
December 3, 2015. A federal decision
from CEAA is pending. Permit applications for construction and
operation will be finalized and submitted following a positive
federal decision.
Christopher Zahovskis
President & CEO
This release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other
than statements of historical facts, that address the in-progress
financing, permitting, exploration drilling, exploitation
activities and events or developments that the Company expects, are
forward-looking statements. Although the Company believes the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ
materially from those in the forward-looking statements.
Assumptions used by the Company to develop forward-looking
statements include the following: the Sisson Project will obtain
all required environmental and other permits for construction of
the mine, the Sisson Project will achieve targeted production
levels; the Company's study and development of the Sisson Project
will continue to be positive; contracted parties provide goods
and/or services on the agreed timeframes; equipment necessary for
construction and development is available and does not incur
unforeseen breakdowns; no material labour slowdowns or strikes are
incurred; plant and equipment functions as specified; geological or
financial parameters do not necessitate future mine plan changes;
and no geological or technical problems occur. Factors that
could cause actual results to differ materially from those in
forward-looking statements include uncertainty of shareholder
support, the need for judicial and regulatory approvals,
fluctuations in market prices, exploitation and exploration
successes, continuity of mineralization, potential environmental
issues and liabilities associated with exploration, development and
mining activities, uncertainties related to the ability to obtain
necessary environmental, land use and other permits, approvals,
licenses and title on a timely basis and delays due to third party
opposition, and development of properties located within First
Nations treaty and asserted territories may affect or be perceived
to affect treaty and asserted aboriginal rights and title, which
may cause permitting delays or opposition by First Nations
communities, changes in government policies regarding mining and
natural resource exploration and exploitation, continued
availability of capital and financing, and general economic, market
or business conditions. Investors are cautioned that any such
statements are not guarantees of future performance and actual
results or developments may differ materially from those projected
in the forward-looking statements. For more information on the
Company, investors should review the Company's continuous
disclosure filings that are available at www.sedar.com.
SOURCE Northcliff Resources Ltd.