Northcliff Resources Ltd. (TSX: NCF): Geodex Shareholders Approve Acquisition by Northcliff of Sisson Project Interest
June 19, 2012 Vancouver, BC – Northcliff Resources Ltd. (“Northcliff”) (TSX: NCF) announces that the shareholders of Geodex Minerals Ltd. (“Geodex”) (TSX.V: GXM) have approved by special resolution the acquisition of the remaining 30% interest in the Sisson Project by Northcliff.
As announced on April 18, 2012, Geodex agreed to sell its 30% interest in the Sisson Project in New Brunswick in consideration for 16,003,700 common shares of Northcliff, $1 million in cash and the return to Geodex for cancellation of 3,333,333 Geodex common shares that Northcliff purchased in 2010.
“We are very pleased with the approval of this consolidation transaction by Geodex shareholders who can continue to realize value in the Sisson Project through their Northcliff shares once they are distributed by Geodex in early July,” said Christopher Zahovskis, President and CEO of Northcliff.
June 28, 2012 and July 4, 2012 have been established by Geodex as the record and distribution dates, respectively, for the distribution of the 16,003,700 common shares of Northcliff to Geodex common shareholders.