Early Warning Filing CEO Exercises Warrants
VANCOUVER, March 24, 2022 - In accordance with the requirements of Section 3.1 of National Instrument 62-103, George Sanders, President and CEO of Goldcliff Resource Corp. (the "Issuer") (GCN: TSX.V, GCFFF: OTCBB PINKS) announces that on March 23, 2022 he acquired 1,750,000 common shares of the Issuer (the "Shares") at a price of $0.10 per Share, for total consideration of $175,000, pursuant to the exercise of 1,750,000 common share purchase warrants (the "Warrants").
Immediately before the above acquisition, Mr. Sanders held 17,599,809 Shares directly and 184,211 Shares indirectly through Bellevue Creek Management Ltd. ("Bellevue") representing approximately 30.21% of the issued and outstanding Shares of the Issuer and 950,000 options to purchase an additional 950,000 Shares of the Issuer and 2,012,500 Warrants to purchase an additional 2,012,500 Shares of the Issuer. Immediately after the acquisition, Mr. Sanders held 19,349,809 Shares directly and 184,211 Shares indirectly through Bellevue representing approximately 32.23% of the issued and outstanding Shares of the Issuer. Mr. Sanders also holds 950,000 options to purchase 950,000 Shares and 262,500 Warrants for the purchase of an additional 262,500 Shares of the Issuer. Assuming the exercise of the options and Warrants in full, Mr. Sanders would own, directly and indirectly, a total of 20,746,520 Shares of the Issuer, or approximately 33.56% of the Issuer's then issued and outstanding Shares assuming no other Shares of the Issuer are issued.
Mr. Sanders acquired these Shares for investment purposes and may, from time to time, acquire additional securities of the Issuer or dispose of such securities as he may deem appropriate, on the basis of his assessment of market conditions and in compliance with applicable securities regulatory requirements. A copy of the early warning report filed by Mr. Sanders may be obtained on the Issuer's SEDAR profile at www.sedar.com.
For further information, or to obtain a copy of the early warning report, please contact George W. Sanders, President, at 250-764-8879, toll free at 1-866-769-4802 or email at info@directroyalty.com.
Per: "George W. Sanders"
George W. Sanders, President
Neither TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or the accuracy of this news release.
