Rockcliff Closes on a Further $977,667.07 of FT Units and Units
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 12/23/11 -- Rockcliff Resources Inc. ("Rockcliff" or the "Company") (TSX VENTURE: RCR) (Tier 1) is pleased to announce that, further to its press release of December 1, 2011, the Company closed a further tranche of its non-brokered private placement for proceeds of $977,667.07. The Company placed 8,633,337 flow-through units for gross proceeds of $949,667.07 and 280,000 working capital units for gross proceeds of $28,000. Rockcliff paid finders fees of $66,641.85 and issued 605,835 Compensation Warrants in respect of the sale of flow-through units. Each Compensation Warrant entitles the holder to purchase a further common share of the Company at $0.18 for eighteen (18) months from Closing.
The majority of the exploration capital will be allocated to the Company's Snow Lake Project where diamond drilling programs are planned at the Tower Property, Spruce Point Property and Dickstone Property in Manitoba.
Each flow-through unit (a "FT Unit") consists of one flow-through common share of the Company and one-half (1/2) non flow-through share purchase warrant (a "Warrant"). Each full Warrant entitles the holder to acquire an additional common share at $0.18 for a period of eighteen (18) months from Closing. Each working capital unit (a "Unit") consists of one common share of the Company and one (1) share purchase warrant (a "Warrant"). Each Warrant entitles the holder to acquire an additional common share at $0.18 for a period of eighteen (18) months from Closing.
Insiders of the Company acquired $34,100 of FT Units and $15,000 of Units pursuant to this closing. The insider private placements are exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 ("MI61-101") by virtue of the exemptions contain in section 5.5(a) and 5.7(1) (a) of MI 61-101 in that the fair market value of the consideration for the securities of the Company to be issued to the insiders does not exceed 25% of its market capitalization.
Securities issued under this private placement are subject to hold periods ending on April 23, 2012.
The Company also wishes to announce that it has increased the total FT Units offering from $2,000,000, as announced on December 1, 2011, to $2,500,000 as a result of over-subscriptions. The Company placed 10,681,818 FT Units on November 30, 2011 for gross proceeds of $1,175,000 and has raised a total of $2,124,667 in flow-through funds to date. Rockcliff plans to leave the offering open and may place up to a further 3,412,117 FT Units and 4,720,000 Units.
Rockcliff Resources Inc.
Rockcliff Resources Inc. is a Canadian resource exploration company focused on discovery and advancement of its high-quality mineral assets at its Snow Lake Project. Rockcliff presently controls the Snow Lake Project totalling in excess of 500 km2. The project includes one copper rich NI43-101 Indicated Resource (Rail), two former copper rich VMS Mines (Spruce Point and Dickstone), one historic VMS copper deposit (Lon) and the Tower Copper Deposit. Rockcliff also controls a zinc-silver rich NI43-101 Indicated Resource (Shihan) and a portfolio of precious metal assets including one former gold mine (Century Mine) and one surface gold deposit (C-Zone) in Manitoba and the Black Gold Property in Ontario.
For more information please visit our website at .
Forward-Looking Statement:
Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward-looking statements that involve various risks. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. Rockcliff undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Rockcliff Resources Inc.
Ken Lapierre P.Geo.
President & CEO
(416) 863-9800 or (647) 678-3879
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Unternehmensinformation / Kurzprofil:
Datum: 23.12.2011 - 13:00 Uhr
Sprache: Deutsch
News-ID 99746
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contact information:
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TORONTO, ONTARIO
Kategorie:
Mining & Metals
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