WELLINGTON, New Zealand, Jan. 30, 2020 (GLOBE NEWSWIRE) -- Todd Minerals Ltd. (“Todd”) announced today that its wholly-owned subsidiary, Todd Sisson (NZ) Limited (“Todd Holdco”), has entered into a subscription agreement with Northcliff Resources Ltd. (the “Company”), pursuant to which Todd Holdco will acquire 17,375,600 common shares of the Company (“Common Shares”) at a purchase price per Common Share of $0.05, for an aggregate purchase price of $868,780. The 17,375,600 Common Shares Todd Holdco will acquire will represent approximately 9.1% of the issued and outstanding Common Shares.
Todd Holdco currently owns 61,828,998 Common Shares, representing approximately 35.6% of the issued and outstanding shares.
Upon completion of the acquisition of additional Common Shares, Todd Holdco will own an aggregate of 79,204,598 Common Shares, which are expected to represent approximately 41.4% of the issued and outstanding Common Shares of the Company.
The head office of the Company is located at 1040 West Georgia Street, 15th Floor, Vancouver, British Columbia, V6E 4H1.
About Todd Minerals Ltd. and Todd Corporation
Todd is the subsidiary of Todd Corporation, charged with the development of Todd Corporation's mineral investments. Todd Corporation is family owned and is one of New Zealand's largest and most successful companies. The company has interests in oil and gas exploration and production, electricity generation, energy retailing and healthcare. Todd Minerals Ltd. is headquartered at The Todd Building, 95 Customhouse Quay, PO Box 3141, Wellington, New Zealand.
Todd purchased the securities for investment purposes and may or may not purchase or sell securities of the Company, or exercise its warrants to purchase Common Shares, in the future on the open market or in private transactions, depending on market conditions and other factors. Todd currently has no other plans or intentions that relate to its investment in the Company. Depending on market conditions, general economic and industry conditions, the Company’s business and financial condition and/or other relevant factors, Todd may develop other plans or intentions in the future relating to one or more of the above items. A copy of the early warning report to be filed by Todd in connection with the investment will be available on the Company’s profile on SEDAR at www.sedar.com. Alternatively, you may contact Kate Grimes at +64 4 901 7073 in order to obtain a copy of the report.
For more information:
Kate Grimes
Group Manager Communications
kgrimes@toddcorporation.com
+64 4 901 7073