VANCOUVER, Jan. 29, 2020 /CNW/ - Northcliff Resources Ltd.
("Northcliff" or the "Company") (TSX: NCF) is pleased to announce
that it has arranged a private placement of 17,375,600 Common
Shares at a price of $0.05 per Common
Share with the Todd Corporation ("Todd") for gross proceeds to the
Company of $870,000.
Todd currently owns a total of 61,828,998 Common Shares in the
capital of Northcliff, and after its participation in the private
placement financing will hold 79,204,598 Common Shares or a 41%
interest in the Company.
The Common Shares issued are subject to applicable resale
restrictions, including a four month hold period under Canadian
securities rules. The private placement is subject to
execution of definitive agreements with investors and customary
closing conditions including final Toronto Stock Exchange
approval.
Proceeds of the Follow-on Financing will be used to fund the
Company's share of expenditures related to the Sisson Project and
for working capital and general corporate purposes.
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.
Additional information on Northcliff is available on the
website at www.northcliffresources.com.
Chris 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
Follow-on Financing, or other events 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. 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.