VANCOUVER, British Columbia, June 06, 2017 (GLOBE NEWSWIRE) -- Goldcliff Resource Corporation (“Goldcliff” or the “Company”) is pleased to announce that it has arranged a Non-Brokered Private Placement of up to 5,500,000 Units at a price of $0.17 per Unit, for gross proceeds of $935,000. Each Unit will consist 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 $0.25 per share for a period of two years from the date of closing. In addition to other exemptions from the prospectus requirement, the Private Placement will be open to existing shareholders of record as of June 9, 2017 pursuant to BC Instrument 45-534 “Exemption from Prospectus Requirement for Certain Trades to Existing Security Holders”. Any Units purchased by way of the Private Placement will be subject to four months and a day resale restrictions. A Finders’ Fee of 6% cash and 6% share purchase warrants (Broker Warrants), exercisable on the same terms as the investor warrants, may be paid to any third-party Finders. The Private Placement and payment of Finders’ Fees are subject to acceptance by the TSX Venture Exchange.
Proceeds will be applied to permitting activities, further metallurgical testing and underground investigation at the Pine Grove gold project in Lyon County, Nevada and to working capital. Goldcliff is earning a 40% joint venture interest in the Pine Grove project from Lincoln Mining Corp. by spending $1,400,000 US over three years.
