VANCOUVER, Dec. 14, 2016 /CNW/ - Northcliff Resources Ltd.
("Northcliff" or the "Company") (TSX: NCF) is pleased to announce
the results of the Company's Special Meeting of Shareholders (the
"Meeting") held December 13, 2016 in
Vancouver, including approval of a
$3 million financing.
In October 2016, Northcliff
announced a $3 million private
placement financing (the "Private Placement") with a subsidiary of
Todd Corporation ("Todd") (see news release dated October 27, 2016). The Private Placement
required shareholder approval and Northcliff confirms that
shareholders, excluding Todd, approved a resolution at the Meeting
to allow the Company to proceed with the Private Placement.
At the Meeting, Shareholders also approved the waiver and amendment
of the Company's Amended and Restated Shareholder Rights Plan
Agreement (the "Plan"), and as such, the effective date of the Plan
is now December 13, 2016.
The Company is working to satisfy all of the outstanding closing
conditions associated with the Private Placement, and expects that
it will close shortly.
About Northcliff Resources Ltd.
Northcliff, associated with Hunter Dickinson Inc. (HDI), is a
mineral resource company focused on advancing the Sisson
Tungsten-Molybdenum Project located in New Brunswick, Canada, to production. The
results of the Feasibility Study completed in January 2013 confirm that the Sisson Project is
technically and economically feasible and can move on to the next
stage of development.
The Sisson Environmental Impact Assessment Report (the "EIA
Report") was submitted to both the federal Canadian Environmental
Assessment Agency ("CEAA") and the New Brunswick Department of
Environment and Local Government in July
2013. The Company received provincial EIA Report approval on
December 3, 2015. A federal decision
from CEAA is pending. Permit applications for construction and
operation will be finalized and submitted following a positive
federal decision.
Christopher Zahovskis
President & CEO
This release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other
than statements of historical facts, that address the in-progress
financing, permitting, exploration drilling, exploitation
activities and events or developments that the Company expects, are
forward-looking statements. Although the Company believes the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ
materially from those in the forward-looking statements.
Assumptions used by the Company to develop forward-looking
statements include the following: the proposed financing will be
completed, the Sisson Project will obtain all required
environmental and other permits for construction of the mine, the
Sisson Project will achieve targeted production levels; the
Company's study and development of the Sisson Project will continue
to be positive; contracted parties provide goods and/or services on
the agreed timeframes; equipment necessary for construction and
development is available and does not incur unforeseen breakdowns;
no material labour slowdowns or strikes are incurred; plant and
equipment functions as specified; geological or financial
parameters do not necessitate future mine plan changes; and no
geological or technical problems occur. Factors that could
cause actual results to differ materially from those in
forward-looking statements include uncertainty of shareholder
support, the need for judicial and regulatory approvals,
fluctuations in market prices, exploitation and exploration
successes, continuity of mineralization, potential environmental
issues and liabilities associated with exploration, development and
mining activities, uncertainties related to the ability to obtain
necessary environmental, land use and other permits, approvals,
licenses and title on a timely basis and delays due to third party
opposition, and development of properties located within First
Nations treaty and asserted territories may affect or be perceived
to affect treaty and asserted aboriginal rights and title, which
may cause permitting delays or opposition by First Nations
communities, changes in government policies regarding mining and
natural resource exploration and exploitation, continued
availability of capital and financing, and general economic, market
or business conditions. Investors are cautioned that any such
statements are not guarantees of future performance and actual
results or developments may differ materially from those projected
in the forward-looking statements. For more information on the
Company, investors should review the Company's continuous
disclosure filings that are available at www.sedar.com.
SOURCE Northcliff Resources Ltd.