22:16:11 EDT Thu 02 May 2024
Enter Symbol
or Name
USA
CA



Rockcliff Copper Corp
Symbol RCU
Shares Issued 108,201,018
Close 2016-03-04 C$ 0.04
Market Cap C$ 4,328,041
Recent Sedar Documents

Rockcliff to sell Colombian properties, cancel shares

2016-03-07 09:03 ET - News Release

Mr. Ken Lapierre reports

ROCKCLIFF ANNOUNCES DISPOSITION OF COLOMBIAN ASSETS AND CANCELLATION OF SHARES

Rockcliff Copper Corp. has entered into a definitive share purchase agreement with a former insider of the company pursuant to which Rockcliff intends to complete a sale of its 100-per-cent interest in both the Caramanta and Guadalupe gold properties located in Colombia, South America. In consideration for the disposition, the company will receive a 2-per-cent net smelter return royalty on all current titles and applications associated with each of the properties and five million Rockcliff common shares which will be immediately cancelled. On closing of the disposition, the number of Rockcliff common shares that will be issued and outstanding will be 103,201,018. Pursuant to the terms of the share purchase agreement, certain shareholders of the company are subject to contractual lock-ups with Rockcliff that prevent the sale, transfer or disposal of or dealing with any common shares (or securities convertible or exchangeable into common shares) of Rockcliff for a period of 270 days following closing of the disposition. In connection with the disposition, the company engaged a valuator to provide a fairness opinion in respect of the properties and the transaction. The fairness opinion concluded that the transaction was fair from a financial point of view to Rockcliff's shareholders. The company expects the disposition to close within the next week.

Ken Lapierre, Rockcliff's president and chief executive officer, stated: "The challenging political and economic environment, the inability of the government to issue basic drill permits, Iamgold dropping its option, the high ongoing carrying costs and the fact the Colombia properties were no longer material to the company were the significant reasons for the sale. Additionally, the cancellation of five million shares and receiving a 2-per-cent net smelter return royalty on any future gold production were important considerations. Following the disposition, Rockcliff intends to focus exclusively on advancing its Snow Lake project which hosts some of the highest-grade undeveloped copper-gold deposits within the world-class Flin Flon-Snow Lake mining camp in central Manitoba, Canada."

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