Northcliff Closes Financing for Sisson Tungsten-Moly Project

Northcliff Resources Ltd. (TSX:NCF) announced that it has closed a financing deal for its Sisson tungsten-molybdenum project with Todd Minerals Ltd., a subsidiary of Todd Corp., a successful New Zealand company.

As quoted in the press release:

As previously announced (see Northcliff news release dated October 3, 2013), Todd completed a private placement of$5 million and acquired ownership and control of 13,888,889 common shares of Northcliff, becoming the largest shareholder of the Company with an approximate 15% interest in Northcliff.  In addition, Todd and Northcliff entered into a limited partnership agreement under the name of the Sisson Project Limited Partnership (the “Limited Partnership”) in which Todd acquired an initial 11.5% interest for an initial contribution of $14 million in the Sisson Project on a staged basis, with an initial payment of $5 million made on the closing date.  In addition, Todd has the option to acquire an additional 10% interest in the Limited Partnership by investing $20 million in the Limited Partnership upon a final investment decision to commence construction.

Click here to read the full Northcliff Resources Ltd. (TSX:NCF) press release.