Rockcliff said the acquisitions from RNC’s wholly-owned subsidiary, VMS Ventures, is in consideration for the issuance of 2,225,000 common shares of Rockcliff to RNC.
Rockcliff Metals (TSXV:RCLF) has announced that it has entered into a letter of intent (LOI), to be followed by a formal purchase agreement, with RNC Minerals (TSX:RNX) to acquire fourteen properties located in Snow Lake, Manitoba.
Rockcliff said the acquisitions from RNC’s wholly-owned subsidiary, VMS Ventures, is in consideration for the issuance of 2,225,000 common shares of Rockcliff to RNC. Red Cloud Klondike Strike acted as financial advisor to Rockcliff.
President and CEO of Rockcliff, Ken Lapierre said:
“The company could not pass on the opportunity to purchase 100 percent interest in quality properties immediately adjacent to our existing property portfolio, including a historical high-grade VMS deposit. With no near-term expenditure requirements and $4.0M in banked assessment credits from previous exploration to draw on, Rockcliff has significantly upgraded its portfolio in the world-class VMS and gold-rich camp. We are presently completing an extensive due diligence on all 14 properties. Once completed, we look forward to finalizing the formal purchase agreement and adding these assets to Rockcliff’s extensive property portfolio in and around Snow Lake, Manitoba.”