Cardiff Energy Corp Announces Acquisition of Mali Gold Project, Non-Brokered Private Placement, Change of name to Cheetah Canyon Resources
Mali Gold Project
The Company has signed a definitive agreement with a private vendor Rachid Mogabgab (the "Vendor") to acquire a 100% mineral interest in a gold project in Mali, Africa. The acquisition includes an estimated $250,000 in mining equipment previously utilized at the Mali Gold Project. A finders' fee is payable on this transaction. This acquisition is subject to TSX Venture Exchange approval.
As full consideration for the purchase the Company will issue to the Vendor:
- 1.2,500,000 common shares of the Company on the Closing Date at a deemed price of $0.10 per share subject to Exchange approval; and
- 2.$250,000 payable as follows:
- a.$25,000 on signing of definitive agreement (paid)
- b. 9 payments of $25,000 payable every 3 months after Closing Date of the Definitive Agreement
Non Brokered Private Placement
The Company will issue up to 5,000,000 units (the "Units") at a price of $0.10 per Unit for gross proceeds of up to $500,000 in a non-brokered private placement (the "Private Placement"). Each Unit will consist of one common share of the Company and one half of one transferable share purchase warrant (a "Warrant"). Each whole Warrant shall be exercisable to acquire one additional common share of the Company (a "Warrant Share") for a period of 24 months at a price of $0.15 per Warrant Share. Proceeds derived from this Private Placement will be used for general working capital purposes, the Mali Gold Project and for evaluation of additional potential projects. The private placement is subject to TSX Venture Exchange approval
Change of Company Name to Cheetah Canyon Resources Corp
The Company's board of directors has resolved to change the Company's name to "Cheetah Canyon Resources Corp." to better reflect the Company's current business focus. The proposed name change is subject to acceptance by the TSX Venture Exchange.
ON BEHALF OF THE BOARD OF DIRECTORS
Jack Bal, President and Chief Executive Officer
FOR MORE INFORMATION, PLEASE CONTACT:
Jack Bal 604-306-5285
Neither TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements relating to the future operations of the Company. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding future plans and objectives of the Company, are forward looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are exploration risks detailed from time to time in the filings made by the Company with securities regulations.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. As a result, we cannot guarantee that any forward-looking statement will materialize and the reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release, and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities laws.
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