Goldcliff Resource Corporation
TSX VENTURE : GCN

Goldcliff Resource Corporation

August 06, 2009 16:05 ET

Goldcliff Closes $750,000 Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 6, 2009) - George Sanders, President of Goldcliff Resource Corporation (TSX VENTURE:GCN), announces that the Company has closed a non-brokered private placement of 4,000,000 units at a price of $0.10 per unit for gross proceeds of $400,000. Each unit consists of one common share and one half common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share at a price of $0.15 per share for a period of 24 months from the date of closing.

The Company has also closed a non-brokered private placement of 3,500,000 flow through units at a price of $0.10 per flow through unit for gross proceeds of $350,000. Each flow through unit consists of one flow through share and one half common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share at a price of $0.15 per share for a period of 24 months from the date of closing.

Proceeds from these placements will be applied to exploration of the Company's 100 per cent owned Panorama Ridge and Ainsworth properties, and to working capital. All shares issued and any shares issued by way of warrant exercise are subject to four month resale restrictions.

Third party Finders' Fees of 7.5 per cent payable in units are issued to Gary Korzenowski as to 300,000 units and to 605031 Saskatchewan Ltd. (Jim Rhode) as to 262,500 units.

GOLDCLIFF RESOURCE CORPORATION

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, gcnnews2906.

Contact Information