Business
Northcliff receives conditional TSX Exchange approval for the acquisition of Geodex's remaining 30% interest in the Sisson Project
VANCOUVER, May 2, 2012 /CNW/ - Northcliff Resources Ltd. ("Northcliff") (TSX: NCF) announce...
About this update from Northcliff Resources Ltd.
[{"type":"text","content":"\n\n\n\n\n\nVANCOUVER, May 2, 2012 /CNW/ - Northcliff Resources Ltd. (\"Northcliff\")\n (TSX: NCF) announces that it has received conditional approval from the\n TSX Exchange on April 26, 2012 for its acquisition (\"Acquisition\") of\n the remaining 30% interest in the Sisson tungsten-molybdenum project\n (\"Sisson Project\")from its joint venture partner, Geodex Minerals Ltd. (\"Geodex\") (TSX.V:\n GXM). Geodex has also announced that it has received conditional\n approval from the TSX Venture Exchange for the Acquisition.\n\n\nAs announced on April 18, 2012, Geodex agreed to sell its 30% interest\n in the Sisson Project in New Brunswick in consideration for 16,003,700\n common shares of Northcliff, $1 million in cash and the return to\n Geodex for cancellation of 3,333,333 Geodex common shares that\n Northcliff purchased in 2010.\n\n\nThe Acquisition is subject to Northcliff shareholder approval.  The\n Acquisition and related issuance of Northcliff shares to Geodex will be\n put forward to Northcliff's shareholders for a vote at the Annual\n General Meeting (\"AGM\").\n\n\nNorthcliff will be holding its AGM on May 30, 2012 at 2:30 pm at its\n head office located at 1040 W. Georgia Street in Vancouver.\n\n\nGeodex has also announced that its board of directors has unanimously\n resolved that Geodex should distribute the 16,003,700 Northcliff\n shares, which are being received as partial consideration for the\n Sisson Project sale, to Geodex shareholders at the completion of the\n transaction.  Geodex shareholders will receive 0.145 Northcliff shares\n for each Geodex share owned. No dividend record date or payment date\n has been established by Geodex.\n\n\nDistribution of the Northcliff shares to Geodex shareholders is subject\n to final TSX Venture Exchange approval and Geodex shareholder\n approval.   Geodex's shareholders' meeting for approval of the\n transaction is scheduled for June 18, 2012.\n\n\nAbout Northcliff\n\n\nNorthcliff is a mineral resource company associated with Hunter\n Dickinson Inc. (HDI), and focused on progressing the feasibility-stage\n Sisson Tungsten-Molybdenum Project located in New Brunswick, Canada, to\n production.\n\n\n\n\n\nChristopher Zahovskis\nPresident & CEO\n\n\nNo regulatory authority accepts responsibility for the adequacy or\n accuracy of this release.\n\n\nThis...