GCFFF - Goldcliff Closes Fully Subscribed Unit Offering
VANCOUVER, British Columbia, Nov. 16, 2020 (GLOBE NEWSWIRE) -- 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
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