Source: Rockcliff Metals Corp.
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  • Rockcliff Metals Corporation (RCLF) has announced a non-brokered private placement for gross proceeds of up to $2,000,000
  • The company also announced the closing of the first tranche of the offering for gross proceeds of $1,300,000
  • Under the first tranche, the company issued 40,000,000 working capital units and 12,000,000 flow-through units
  • The second and final tranche of the offering will close on or about December 21, 2022
  • Rockcliff is a Canadian exploration and resource development company
  • Rockcliff Metals Corp. (RCLF) opened trading at C$0.025

Rockcliff Metals Corporation (RCLF) has announced a non-brokered private placement for gross proceeds of up to $2,000,000.

The company will issue flow-through units for C$0.025 per FT unit and working capital units (WC).

Each FT unit will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder thereof to purchase one non-flow-through common share for a period of 36 months following the closing date of the offering.

Each WC unit will consist of one common share and one warrant.

The company also announced the closing of the first tranche of the offering for gross proceeds of $1,300,000. Under the first tranche, the company issued 40,000,000 WC units and 12,000,000 FT units.

Red Cloud Securities Inc. will be acting as a finder for the offering.

Mark Sawyer, Chairman of the Board, commented on the capital raise.

“2022 has been a tough year in the resource space, and Rockcliff has not been immune. Against a backdrop of worsening short-term sentiment for the sector as a whole, the strategic process we launched at the beginning of the year with assistance from INFOR Financial Inc. has yet to deliver an actionable proposal that Rockcliff’s board believes would deliver value to all shareholders. That said, we have been delighted with the level of interest.

Greenstone believes that Rockcliff’s current resource endowment across 4 anchor deposits, plus the exploration potential of its massive land package on 3,500 km of tenements in one of the most prolific VMS camps in the world, is not accurately reflected in the share price. We are therefore delighted to participate in a significant way in the current financing and fully support Management in their efforts for discovery on our tremendous high-grade VMS property portfolio located in a world-class mining district. In 2023, Rockcliff will focus on exploration and discovery through the drill bit as well as marketing the company to a larger audience. Greenstone has been a significant shareholder in Rockcliff since early 2019, and we remain a strong supportive shareholder of the company. We believe there is significant value to be realized in these Manitoba assets.”

In connection with the closing of the first tranche, the company paid a total of $21,000 in cash and issued 840,000 broker warrants to Red Cloud Securities Inc.

The gross proceeds from the offering will be used for the 2023 winter drill program.

The second and final tranche of the offering will close on or about December 21, 2022.

All securities issued will be subject to a statutory four-month hold period.

Rockcliff is a Canadian exploration and resource development company. The company’s property portfolio includes six 100 per cent owned high-grade, undeveloped VMS deposits (Bur, Tower, Rail, Copperman, Lon, Morgan).  Rockcliff’s (49 per cent ownership) seventh high-grade VMS deposit, the Talbot Copper Deposit, is a joint venture with Hudbay.

Rockcliff Metals Corp. (RCLF) opened trading at C$0.025.


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