Business
Northcliff Closes Todd Corporation Financing for Sisson Tungsten-Molybdenum Project and Appoints new Director to the Board
FREDERICTON, NB , Oct. 16, 2013 /CNW/ - Northcliff Resources Ltd. ("Northcliff" or the "...
About this update from Northcliff Resources Ltd.
[{"type":"text","content":"\n\n\nFREDERICTON, NB, Oct. 16, 2013 /CNW/ - Northcliff Resources Ltd.\n (\"Northcliff\" or the \"Company\") (TSX: NCF) is pleased to announce it\n has closed its financing with Todd Minerals Ltd. (\"Todd\") for the\n Sisson Tungsten-Molybdenum Project (the \"Sisson Project\") located in\n central New Brunswick, Canada. Todd is a subsidiary of the family owned\n Todd Corporation, one of New Zealand's most successful companies and\n which has a growing portfolio of mineral investments.\n\n\nAs previously announced (see Northcliff news release dated October 3,\n 2013), Todd completed a private placement of $5 million and acquired\n ownership and control of 13,888,889 common shares of Northcliff,\n becoming the largest shareholder of the Company with an approximate 15%\n interest in Northcliff.  In addition, Todd and Northcliff entered into\n a limited partnership agreement under the name of the Sisson Project\n Limited Partnership (the \"Limited Partnership\") in which Todd acquired\n an initial 11.5% interest for an initial contribution of $14 million in\n the Sisson Project on a staged basis, with an initial payment of $5\n million made on the closing date.  In addition, Todd has the option to\n acquire an additional 10% interest in the Limited Partnership by\n investing $20 million in the Limited Partnership upon a final\n investment decision to commence construction.\n\n\nAs part of its investment, Todd was entitled to nominate a director to\n the board of Northcliff and Mr. Michael Wolley, Vice President Minerals\n and Coal for the Todd Corporation was nominated and approved on\n closing.\n\n\nMr. Wolley holds a first class honors degree in Chemical and Materials\n Engineering (University of Auckland) and a Masters of Management\n (Macquarie Graduate School of Management). Mr. Wolley had a 15 year\n career with Mobil Oil Australia in a range of roles including\n engineering, operations, strategic planning and business development in\n Australia and New Zealand. In 1995, he left Mobil to pursue\n opportunities in Asia Pacific and worked in a number of senior\n executive roles in the manufacturing and industrial sectors including a\n period as President BlueScope Steel China.  In 2007, Mr. Wolley\n returned to the resources sector as Chief Operating Officer for Lynas\n Corporation, and subsequently into the gold ...