Goldcliff Sells Lease on Wilson Claims back to Lincoln Gold
October 08 2019 - 3:36PM
Goldcliff Resource Corporation (“Goldcliff” or the “Company”) (GCN:
TSX.V, GCFFF: OTCBB PINKS) reports that it has entered into a
Binding Letter of Intent with Lincoln Gold Mining Inc for the sale
to Lincoln of the lease on the Wilson Patented Claims located in
Lyon County, Nevada. The Wilson claims are part of the Pine Grove
gold development project and were included in the Pine Grove Joint
Venture between the two companies. Goldcliff will receive staged
cash and share payments and retain title to the claims until all
payments and share issuances are completed.
Cash Payments
A total of USD $200,000 in cash payments made up of the
following payments;
- US $50,000 payable on completion of the next Lincoln
financing;
- US $50,000 payable on or before March 31, 2020;
- US $50,000 payable on or before June 30, 2020 and;
- US $50,000 payable on or before December 31, 2020.
Common Shares Payments
A total of 2,750,000 commons shares made up of the following
share payments;
- 1,200,000 shares following the closing date of the first
financing and subject to the provision outlined below;
- 800,000 additional shares on December 31, 2019, subject to the
provision below and;
- 750,000 additional shares on March 31, 2020, subject to the
provision below.
Lincoln shall not be required to issue shares to Goldcliff to
the extent that such issuance would result in Goldcliff holding 10%
or more of the outstanding shares of Lincoln (the
“Cutback”). To the extent that the Cutback reduces
the number of shares specified above, Lincoln shall issue the
shares that were subject to the Cutback as soon as practicable
following the expansion of Lincoln share capital. Goldcliff will
become a significant Lincoln shareholder but will remain below the
10% insider threshold.
Goldcliff President George Sanders said, “We found that the two
junior companies ownership structure was a serious obstacle to
financing on-going development and production. The solution
reported today is of great benefit to both Companies. It provides
Goldcliff with non-dilutive capital and retains for our
shareholders significant exposure to this exciting gold development
project. It also facilitates project financing for a re-organized
Lincoln, who will own 100% of the project.”
Any share issuance by Lincoln will be subject to TSX Venture
exchange approval.
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 CORPORATION
Per: “George W. Sanders”
George W. Sanders, President
Neither TSX Venture Exchange nor its Regulation
Service Provider (as that term is defined in the policies of the
TSX Venture Exchange) accept responsibility for the adequacy or the
accuracy of this news release.
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