Goldcliff Closes Fully Subscribed Unit Offering
16 November 2020 - 9:37PM
George Sanders, President of Goldcliff Resource Corporation
(“Goldcliff” or the “Company”) (GCN: TSX.V, GCFFF: OTCBB PINKS)
reports that the Company has closed a Non-Brokered Private
Placement Offering of 7,500,000 Units at a price of $0.10 per Unit
for gross proceeds of $750,000. Each Unit will consist of one
common share and one-half common share purchase warrant. Each whole
Warrant will entitle the holder to purchase one additional common
share at a price of $0.15 per share for a period of two years from
the date of closing. Proceeds from the offering will be applied to
pre drilling exploration activities at Aurora West, permitting of
drilling at Aurora West, all 2021 option and land payments, due
diligence expenses on additional acquisitions, and to general
working capital. Total cash Finders’ Fees (7%) of $44,275 were paid
and 442,750 Finder warrants were issued. The Finder warrants have
the same terms and duration as the warrants attached to the Unit
Offering. Company insider George Sanders participated in the
offering. The shares are subject to a resale restriction of four
months from the date of closing.
The transaction with Mr. Sanders constitutes "related party
transaction" within the meaning of TSX Venture Exchange Policy 5.9
and Multilateral Instrument 61-101 (the "Instrument"). The Company
intends to rely on the exemptions from the minority shareholder
approval and the formal valuation requirements of the Instrument
contained in Sections 5.7(1)(a) and 5.5(b), respectively, of the
Instrument.
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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