- Rockcliff Metals (RCLF) has closed the sale of its 100-per-cent owned subsidiary, Goldpath Corporation
- The deal with Kinross Gold Corporation includes cash proceeds of C$3 million
- The Goldpath projects sold to Kinross include the Snow Lake Gold, Ber, Dick Stone North, Laguna, Lucky Jack and Puella Bay properties
- Kinross has a right of first refusal to acquire the residual NSR royalties
- Rockcliff Metals is up 7.69 per cent, trading at $0.07 at 2:37 pm ET
Rockcliff Metals (RCLF) has closed the sale of its 100-per-cent owned subsidiary, Goldpath Corporation.
The deal with Kinross Gold Corporation includes cash proceeds of C$3 million.
Kinross has acquired the shares of Goldpath through a subsidiary.
The sale also includes and Net Smelter Return royalties (NSR) on three properties owned operated by Goldpath Corporation.
“We are very pleased with the successful conclusion of the auction process that has resulted in the monetization of the Company’s ownership interest in Goldpath. The cash proceeds from the sale of this non-core asset will assist Rockcliff as it continues to advance its project development strategy.
In addition, Rockcliff shareholders will also have exposure to upside potential that may be generated by Kinross on three of the Goldpath properties through the royalties that have been granted to the company,” said Rockcliff President and CEO Don Christie.
The Goldpath projects sold to Kinross include the Snow Lake Gold, Ber, Dick Stone North, Laguna, Lucky Jack and Puella Bay properties.
Kinross has a right of first refusal to acquire the residual NSRs.
Rockcliff is resource development and exploration company based in Sudbury, Ontario with several advanced-stage, high-grade copper and zinc VMS dominant deposits in the Snow Lake area of central Manitoba.
Rockcliff Metals is up 7.69 per cent, trading at $0.07 at 2:37 pm ET.