Business
Norvista Capital Corporation Provides Update on Sale of Its Manitoba Assets to Rockcliff Metals Corporation
Toronto, Ontario--(Newsfile Corp. - April 1, 2019) - Norvista Capital Corporation (TSXV: ...
About this update from Olive Resource Capital Inc.
[{"type":"text","content":"Norvista Capital Corporation Provides Update on Sale of Its Manitoba Assets to Rockcliff Metals CorporationToronto, Ontario--(Newsfile Corp. - April 1, 2019) - Norvista Capital Corporation (TSXV: NVV)  (\"Norvista\") is pleased to provide an update to its press release of February 22, 2019 announcing the sale of its three Manitoba assets to Rockcliff Metals Corporation (TSXV: RCLF) (\"Rockcliff\") for consideration to Norvista and its affiliates of a total of 88,386,667 common shares of Rockcliff at a deemed value of $13,258,000 ($0.15 per Rockcliff share). The number of Rockcliff shares to be retained directly by Norvista will be in excess of the total number of Norvista shares currently outstanding and will equate to a net asset value per Norvista share of approximately $0.16.On March 27, 2019, Rockcliff announced that it had received conditional approval to list its common shares on the Canadian Securities Exchange (\"CSE\"). Rockcliff will also be extending the closing of the additional financing referred to in its press release of February 22, 2019 and March 6, 2019. For more information see Rockcliff's press release of March 27, 2019.Upon the completion of the sale of Norvista's three Manitoba assets to Rockcliff and Rockcliff's concurrent financing of up to $30 million (the \"Transaction\"), Rockcliff will be well positioned to undertake major mineral exploration and mine development programs over the next several years in the prolific Flin Flon - Snow Lake base metals mining camp in Manitoba. Completion of the Transaction will provide Rockcliff with the funding capacity to potentially unlock significant value in Norvista's key assets in Manitoba and in Rockcliff's extensive portfolio of more advanced and earlier stage exploration properties.Don Christie, the President and CEO of Norvista, commented, \"Norvista is very pleased to see the timely progress Rockcliff has made on the Transaction to-date. We continue to have the utmost confidence in Rockcliff's management team and key shareholders to undertake and fund mineral development in a top-tier global mining jurisdiction in the Province of Manitoba. We look forward to the results of the Rockcliff special shareholders meeting to be held on April 22, 2019 and the commencement by Rockcliff of significant exploration and development initiatives immediately thereaf...