Goldcliff Closes Financing
VANCOUVER, Oct. 30, 2019 - Goldcliff Resource Corp. (“Goldcliff” or the “Company”) (GCN: TSX.V, GCFFF: OTCBB PINKS) is pleased to announce that the Company has completed a final closing of its previously announced (Goldcliff News Release dated September 25, 2019) Non-Brokered Private Placement of up to 4,000,000 Units at a price of $0.10 per Unit.
With final closing on October 30, 2019, the Company issued 3,452,627 Units for gross proceeds of $345,262.70. Each Unit consists of one common share and one half of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share at a price of $0.20 per share for a period of two years from the date of closing. Goldcliff has the right to accelerate the expiry date of the warrants to 30 days if the closing price for Goldcliff shares is at least $0.40 for 20 consecutive trading days.
The Company paid finders’ fees totalling $21,695.73 in cash and issued 216,957 finders’ warrants in connection with the Private Placement of Units. Each finder’s warrant entitles the holder to purchase one common share at a price of $0.20 per share for a period of two years from the date of closing. All securities issued pursuant to the Private Placement are subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation.
Proceeds will be applied to continued underground mapping and sampling of the Nevada Rand project, to an initial drill program at Nevada Rand, and to working capital.
For further information, please contact George W. Sanders, President, at 250-764-8879, toll free at 1-866-769-4802 or email at info@directroyalty.com.
Goldcliff Resource Corp.
Per: “George W. Sanders”
George W. Sanders, President
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