Northcliff Resources Ltd. has secured up to Canadian $39
million ($37.8 million) in funding for its Sisson
tungsten-molybdenum project in central New Brunswick from Todd
The two companies
signed an agreement that will see Todd, a subsidiary of
Wellington, New Zealand-based Todd Corp., acquire a direct
interest in the Sisson project and a 15-percent stake in
Fredericton, New Brunswick-based Northcliff.
Todd will become
Northcliffs largest shareholder, and under the terms of
the deal it will have the right to nominate a member to the
"The initial funding
from Todd totaling up to C$19 million ($18.4 million) is
earmarked for ongoing environmental work to support the
harmonized Environmental Impact Assessment process currently
being undertaken by the federal and provincial governments, as
well as furthering design and engineering studies to advance
planning from the feasibility study completed earlier this
year, sourcing project financing and off-take arrangements,"
Northcliff president and chief executive officer Chris
Zahovskis said in a statement.
The transaction, which
is subject to regulatory approvals, is scheduled to close in