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.
Bryce Hamming
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.