FREDERICTON, June 22, 2017 /CNW/ - Northcliff Resources Ltd. ("Northcliff") (TSX: NCF) announces that it has completed a private placement, issuing 2,076,923 common shares at a price of $0.13 per share for gross proceeds of $270,000.
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 TSX approval.
The proceeds will be used to advance the Company's Sisson Project and for general corporate working capital 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 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.