GCN:CC - Goldcliff Announces Loan Agreement and Issuance of Bonus Shares

VANCOUVER, British Columbia, Oct. 12, 2022 (GLOBE NEWSWIRE) -- Goldcliff Resource Corporation (“Goldcliff” or the “Company”) (GCN: TSX.V, GCFFF: OTCBB PINKS) reports that it has entered into a loan agreement (the “Loan Agreement”) with George Sanders, the President, Chief Executive Officer and a director of the Company (the “Lender”) for an amount of $175,000 (the “Loan”). Proceeds from the Loan will be used for working capital purposes.

The interest-free Loan will mature on September 7, 2023. As consideration for providing the Loan, the Company has agreed to issue 700,000 common shares of the Company (the “Bonus Shares”) to the Lender at a deemed price of $0.05 per Bonus Share. All Bonus Shares will be subject to a four month hold period from the date of issuance in accordance with applicable securities law.

The Loan Agreement and the Bonus Shares are subject to the acceptance of the TSX Venture Exchange.

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.