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Goldcliff Closes Over Subscribed Flow Through Offering and Grants Options

Goldcliff Resource Corporation
·1 min read

VANCOUVER, British Columbia, Oct. 30, 2020 (GLOBE NEWSWIRE) -- George Sanders, President of Goldcliff Resource Corporation (“Goldcliff” or the “Company”) (GCN: TSX.V, GCFFF: OTCBB PINKS) reports that it has closed an Offering of 4,720,000 Flow Through Shares at a price of $0.12 per flow through share for gross proceeds of $566,400. Proceeds will be applied to exploration activities at the Company’s 100% owned Ainsworth silver project and at the recently optioned Kettle Valley gold project. Total cash Finders’ Fees (7%) of $22,428 were paid. Company insiders George Sanders and Gary Moore participated in the offering. The shares are subject to a resale restriction of four months from the date of closing.

The transactions with Mr. Sanders and Mr. Moore constitute "related party transactions" within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 (the "Instrument"). The Company intends to rely on the exemptions from the minority shareholder approval and the formal valuation requirements of the Instrument contained in Sections 5.7(1)(a) and 5.5(b), respectively, of the Instrument.

The Company is granting stock options to a consultant for the purchase of 180,000 common shares of the Company at an exercise price of $0.14 per share for a period of three years, subject to regulatory approval.

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

Neither TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or the accuracy of this news release.