Goldcliff Arranges Financing, Provides Update on B.c. Properties, and Grants Options

 

VANCOUVER, British Columbia, Oct. 19, 2020 (GLOBE NEWSWIRE) -- George Sanders, President of Goldcliff Resource Corporation (“Goldcliff” or the “Company”) (GCN: TSX.V, GCFFF: OTCBB PINKS) reports that the Company has arranged a Non-Brokered Private Placement of up to 7,500,000 Units at a price of $0.10 per Unit for gross proceeds of $750,000. Each Unit will consist of one common share and one-half common share purchase warrant. Each whole Warrant will entitle the holder to purchase one additional common share at a price of $0.15 per share for a period of two years from the date of closing. In addition to other exemptions from the prospectus and registration requirements, the Private Placement will be open to existing shareholders of record as of October 13, 2020 pursuant to BC Instrument 45-534 “Exemption from Prospectus Requirement for Certain Trades to Existing Security Holders.” Any Units purchased by way of the Private Placement will be subject to four months and a day resale restriction. A Finders’ Fee of 7% cash and 7% share purchase warrants (Broker Warrants), exercisable on the same terms as the investor warrants, may be paid to any third-party Finders.

Proceeds from the offering will be applied to pre drilling exploration activities at Aurora West, permitting of drilling at Aurora West, all 2021 option and land payments, due diligence expenses on additional acquisitions, and to general working capital.

The Company recently completed a prospecting, surface sampling and LDS (lithic drainage sediment) geochemical sampling program at its 100% owned Ainsworth silver property. This is the first time that the area between the old No 1 mine and the Silver Hoard area has been prospected and sampled. The No. 1 and Silver Hoard are the two highest grade former producers in the Ainsworth district. Results of the program will be discussed once all samples have been analysed, and results interpreted.

The Company also recently completed detailed mapping and surface sampling of the newly optioned Kettle Valley epithermal gold occurrence. LDS geochemical sampling at Kettle Valley is nearing completion. A Notice Of Work has been submitted to permit trenching and drilling at Kettle Valley.

The Company has granted stock options to directors, officers, and consultants for the purchase of 1,600,000 common shares of the Company at an exercise price of $0.14 per share for a term of five years from the date of grant, subject to regulatory approval.

Ed Rockel, P. Geo, qualified person as defined by National Instrument 43-101 supervised the preparation and verification of the technical information contained in this release.

For further information, please contact George W. Sanders, President, at 250-764-8879, toll free at 1-866-769-4802 or email at info@directroyalty.com.

GOLDCLIFF RESOURCE CORPORATION

Per: “George W. Sanders”

George W. Sanders, President

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