The subscription is expected to be completed by the end of January. (Source: Shutterstock)
Todd Minerals Ltd.’s subsidiary Todd Sizzon Ltd., also known as Todd Holdco, entered into a subscription agreement with Northcliff Resources Ltd., according to a Jan. 23 press release.
Pursuant to the agreement, Todd Holdco will acquire 37,333,333 common shares in Northcliff at a purchase price of CA$0.01875 (US$ 0.014) per common share for an aggregate purchase price of CA$700,000 (approximately US$517,000), the release stated.
Following the acquisition, Todd Holdco will hold an aggregate of 476,391,477 common shares, representing approximately 80.87% of the issued and outstanding common shares, according to the release. Prior to this agreement, Todd Holdco held approximately 79.57% of Northcliff’s common shares, or 439,058,144 common shares.
The subscription is expected to be completed by the end of January.
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