Northcliff Resources Ltd. (TSX: NCF) ("Northcliff" or the "Company") is pleased to announce the results of the Company's Special Meeting of Shareholders (the "Meeting") held December 13, 2016 in Vancouver, including approval of a $3 million financing.
In October 2016, Northcliff announced a $3 million private placement financing (the "Private Placement") with a subsidiary of Todd Corporation ("Todd") (see news release dated October 27, 2016). The Private Placement required shareholder approval and Northcliff confirms that shareholders, excluding Todd, approved a resolution at the Meeting to allow the Company to proceed with the Private Placement. At the Meeting, Shareholders also approved the waiver and amendment of the Company's Amended and Restated Shareholder Rights Plan Agreement (the "Plan"), and as such, the effective date of the Plan is now December 13, 2016.
The Company is working to satisfy all of the outstanding closing conditions associated with the Private Placement, and expects that it will close shortly.
About Northcliff Resources Ltd.
Northcliff, associated with Hunter Dickinson Inc. (HDI), is a mineral resource company focused on advancing the Sisson Tungsten-Molybdenum Project located in New Brunswick, Canada, to production. The results of the Feasibility Study completed in January 2013 confirm that the Sisson Project is technically and economically feasible and can move on to the next stage of development.
The Sisson Environmental Impact Assessment Report (the "EIA Report") was submitted to both the federal Canadian Environmental Assessment Agency ("CEAA") and the New Brunswick Department of Environment and Local Government in July 2013. The Company received provincial EIA Report approval on December 3, 2015. A federal decision from CEAA is pending. Permit applications for construction and operation will be finalized and submitted following a positive federal decision.
Source: Northcliff Resources
