Goldcliff Closes Financing
October 30 2019 - 4:15PM
Goldcliff Resource Corporation (“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 CORPORATIONPer: “George W.
Sanders”George W. Sanders, PresidentNeither 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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