VANCOUVER, March 17, 2017 /CNW/ - Northcliff Resources Ltd. ("Northcliff" or the "Company") (TSX: NCF) is pleased to announce that further to the Company's February 22, 2017 news release, it has completed the follow-on private placement financing, issuing 35,491,129 common shares for gross proceeds of $3,904,024.
Todd Corporation has exercised it pre-emptive right to participate in the financing, purchasing 12,887,612 of the issued common shares in the follow-on financing to maintain its 36.3% interest in Northcliff. After closing of this financing, the Todd Corporation now holds 61,429,228 common shares of the total 169,169,637 outstanding shares of Northcliff.
The common shares issued are subject to applicable resale restrictions, including a four month hold period under Canadian securities rules.
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 confirmed 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.
Additional information on Northcliff is available on the website at www.northcliffresources.com.
Chief Financial Officer
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.
No regulatory authority has approved or disapproved the contents of this news release.
SOURCE Northcliff Resources Ltd.
For further information: Investor services can be reached at (604) 684-6365 or within North America at 1-800-667-2114.