VANCOUVER, British Columbia, Sept. 10, 2019 (GLOBE NEWSWIRE) -- Goldcliff Resource Corporation (“Goldcliff” or the “Company”) (GCN: TSX.V, GCFFF: OTCBB PINKS) is pleased to announce that the Company has completed a fourth tranche closing of its previously announced (Goldcliff News Release dated July 29, 2019) Non-Brokered Private Placement of up to 10,000,000 Units at a price of $0.10 per Unit.
At the closing of the fourth tranche on September 10, 2019, the Company issued 1,157,700 Units for gross proceeds of $115,770. Each Unit consists 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 $0.20 per share for a period of two years from the date of closing. Goldcliff has the right to accelerate the expiry date of the warrants to 30 days if the closing price for Goldcliff shares is at least $0.40 for 20 consecutive trading days.
The Company paid finder’s fees totalling $7,403.90 in cash and issued 74,039 finder’s warrants in connection with the Private Placement of Units. Each finder’s warrant entitles the holder to purchase one common share at a price of $0.20 per share for a period of two years from the date of closing. All securities issued pursuant to the Private Placement are subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation.
With this fourth closing Goldcliff has now completed the issuance of 6,907,700 Units for gross proceeds of $690,770. The Company will extend the final closing until September 18, 2019.
GOLDCLIFF RESOURCE CORPORATION
Per: “George W. Sanders”
George W. Sanders, President
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