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Northcliff Announces $4 Million Follow-On Private Placement Financing
Northcliff Announces $4 Million Follow-On Private Placement Financing Canada NewsW...
About this update from Northcliff Resources Ltd.
[{"type":"text","content":"\n\n\n\nNorthcliff Announces $4 Million Follow-On Private Placement Financing\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Feb. 22, 2017\n\n\n\nVANCOUVER, Feb. 22, 2017 /CNW/ - Northcliff Resources Ltd. (\"Northcliff\" or the \"Company\") (TSX: NCF) is pleased to announce that pursuant to the shareholder authorization received at its Extraordinary General Meeting of shareholders (\"EGM\") held on December 13, 2016, that it will be seeking to complete the follow-on private placement financing (the \"Follow-on Financing\") described in the information circular for the EGM which is filed at www.sedar.com. The Follow-on Financing involves the proposed issuance of up to a total of 36,363,636 Common Shares at a price of $0.11 per Common Share for gross proceeds to the Company of up to $4 million. The Follow-on Financing price is at the same price as the December 2016 private placement financing and is required to complete by March 17, 2017.\n\nIf fully subscribed, the total number of shares outstanding for Northcliff will increase to 170,042,145.   \n\nThe Todd Corporation (\"Todd\") currently owns a total of 48,541,616 Common Shares in the capital of Northcliff after its participation in the December 2016 private placement financing (see news releases issued on October 27, 2016 and December 15, 2016), representing 36.3% of the Company's outstanding Common Shares. Pursuant to its pre-emptive right to maintain its interest at 36.3%, Todd will have the option to participate in the Follow-on Financing to the extent of its 36.3% interest for up to 13,204,439 shares.  \n\nNo directors, officers or insiders (aside from Todd pursuant to its pre-emptive right) are participating in the Follow-on Financing.\n\nThe Common Shares issued are subject to applicable resale restrictions, including a four month hold period under Canadian securities rules. The Follow-on Financing is subject to execution of definitive agreements with investors and customary closing conditions including final Toronto Stock Exchange approval.  \n\nProce...