Trading Symbol RCR: TSX-V
TORONTO, Sept. 28 /CNW/ - Rockcliff Resources Inc. (RCR: Tier 1 TSX-V) is pleased to announce it is undertaking a non-brokered private placement of units to provide it with additional working capital. Rockcliff is offering up to 5,000,000 units of the Company at a price of $0.10 per unit, for gross proceeds of up to $500,000 (the "Offering"). Each unit (a "Unit") will consist of one common share of the Company and one share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to acquire an additional common share at the price of $0.15 for a period of eighteen months from Closing. The Company may pay finder's fees of up to 8% cash plus up to 10% Compensation Units for funds raised by eligible finders. Each Compensation Unit will entitle the finder to acquire a Unit on the same terms as the Offering for eighteen (18) months from Closing.
Rockcliff also announces that drilling will commence shortly on its Snow Lake Project located in central Manitoba. A total of 2,500 m of drilling is planned in approximately 15 holes. Drilling will test areas identified in Rockcliff's recently completed summer field program which included geological and geophysical surveys over high priority areas with VMS potential.
Drilling will initially focus at the Rail property where additional untested borehole geophysical targets have been identified proximal to mineralized drill holes associated with copper and gold. Additional holes are also planned within the project area where geophysical and geological surveys have identified "high priority" VMS targets associated with classic style VMS type alteration.
Rockcliff has also prioritized airborne geophysical targets on its 100% owned Tramping and Squall properties. Both properties are strategically located approximately 6 km along strike both south and north respectively of HudBay Minerals' Lalor Deposit where high grade drill results have recently been released grading 34.5 m of 5.33% copper and 13.35 g/t gold. Rockcliff's exploration surveys have identified several untested VTEM airborne targets associated with favourable juvenile arc rocks; the same rocks that host all of the VMS mines and deposits in the camp including the Lalor Deposit.
Insiders of the Company may subscribe for up to a total of 500,000 Units for proceeds of up to $50,000, if available. The insider private placements are exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 ("MI61-101") by virtue of the exemptions contain in section 5.5(a) and 5.7(1) (a) of MI 61-101 in that the fair market value of the consideration for the securities of the Company to be issued to insiders does not exceed 25% of its market capitalization.
Rockcliff has the exclusive right to earn a 100% interest in the Rail Property from Hudson Bay Exploration and Development Company Limited (HBED), a wholly owned subsidiary of HudBay Minerals Inc. (HBM: TSX). If Rockcliff earns its interest in the Rail Property, HBED will receive a 2% Net Smelter Return Royalty. If Rockcliff earns a 100% interest in the Rail Property, HBED then has a right to acquire up to a 65% interest in the Rail Property. Please refer to the Press Release dated March 23, 2007 for further details.
Rockcliff Resources Inc.
Rockcliff Resources Inc. is a Canadian resource exploration company focused on the Snow Lake VMS Project located in central Manitoba. The project totals in excess of 500 km(2) and is located within the prolific Flin Flon greenstone belt. The project presently includes five historical VMS deposits (Lon, Rail, Reed, Kof, Sylvia) and numerous additional areas with potential for VMS and nickel mineralization. Rockcliff also controls the Shihan VMS Project located in Northern Ontario.
SOURCE Rockcliff Resources Inc.
For further information: For further information: please visit our website at www.rockcliffresources.com or contact Ken Lapierre, P.Geo., President and CEO of Rockcliff Resources Inc. at (416) 863-9800 or at firstname.lastname@example.org