Toronto, Ontario--(Newsfile Corp. - April 1, 2019) - Norvista Capital Corporation (TSXV: NVV) ("Norvista") is pleased to provide an update to its press release of February 22, 2019 announcing the sale of its three Manitoba assets to Rockcliff Metals Corporation (TSXV: RCLF) ("Rockcliff") for consideration to Norvista and its affiliates of a total of 88,386,667 common shares of Rockcliff at a deemed value of $13,258,000 ($0.15 per Rockcliff share). The number of Rockcliff shares to be retained directly by Norvista will be in excess of the total number of Norvista shares currently outstanding and will equate to a net asset value per Norvista share of approximately $0.16.
On March 27, 2019, Rockcliff announced that it had received conditional approval to list its common shares on the Canadian Securities Exchange ("CSE"). Rockcliff will also be extending the closing of the additional financing referred to in its press release of February 22, 2019 and March 6, 2019. For more information see Rockcliff's press release of March 27, 2019.
Upon the completion of the sale of Norvista's three Manitoba assets to Rockcliff and Rockcliff's concurrent financing of up to $30 million (the "Transaction"), Rockcliff will be well positioned to undertake major mineral exploration and mine development programs over the next several years in the prolific Flin Flon - Snow Lake base metals mining camp in Manitoba. Completion of the Transaction will provide Rockcliff with the funding capacity to potentially unlock significant value in Norvista's key assets in Manitoba and in Rockcliff's extensive portfolio of more advanced and earlier stage exploration properties.
Don Christie, the President and CEO of Norvista, commented, "Norvista is very pleased to see the timely progress Rockcliff has made on the Transaction to-date. We continue to have the utmost confidence in Rockcliff's management team and key shareholders to undertake and fund mineral development in a top-tier global mining jurisdiction in the Province of Manitoba. We look forward to the results of the Rockcliff special shareholders meeting to be held on April 22, 2019 and the commencement by Rockcliff of significant exploration and development initiatives immediately thereafter."
Upon completion of the Transaction, Norvista and its affiliates will own approximately 30% of the Rockcliff shares outstanding and approximately 42% of the Rockcliff shares will be owned by London based private equity fund Greenstone Resources 11 LP.
Norvista is a resource-based merchant bank with an investment portfolio of four core investments located in Canada, the United States and Mexico. Norvista's investee companies have projects located in excellent mining jurisdictions and are involved in both base and precious metals exploration and development. Norvista holds significant equity ownership positions in its investee companies and is actively involved in the management of these companies through a combination of senior officer positions and/or board representation. The investee company projects represent a balance between later stage exploration and pre-production projects and are self-financing. Norvista maintains and increases its ownership positions in its core holdings through participation in issuer financings as well as share acquisitions in the open market.
Rockcliff is a Canadian resource exploration company focused on base metals, gold and royalties in the Snow Lake area of Manitoba. Rockcliff is the largest junior landholder in the Flin Flon-Snow Lake greenstone belt which is home to the largest Paleoproterozoic VMS district (copper, gold, zinc, silver) in the world and also contains gold mines and deposits. Its extensive portfolio of properties totals over 4,000 square kilometres. It includes nine of the highest-grade undeveloped VMS deposits and five lode-gold properties including the historic Rex-Laguna gold mine, Manitoba's first and highest-grade gold mine.
Completion of the Transaction is subject to a number of conditions, including but not limited to, TSX Venture Exchange acceptance and shareholder approval for both Rockcliff and Norvista.
For further information, please contact:
Norvista Capital Corporation
Off: (416) 504-4171
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
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