Todd is the subsidiary of Todd Corporation, charged with the development of Todd Corporation's mineral investments
Todd Minerals announces further investment in Northcliff Resources. (Credit: Dominik Vanyi on Unsplash)
Todd Minerals Ltd. (“Todd”) announced that its wholly-owned subsidiary, Todd Sisson (NZ) Limited (“Todd Holdco”), has entered into a subscription agreement (the “Subscription Agreement”) with Northcliff Resources Ltd. (the “Company”), pursuant to which Todd Holdco will acquire 37,333,333 common shares in the capital of the Company (“Common Shares”) at a purchase price per Common Share of C$0.01875, for an aggregate purchase price of $700,000.00. The subscription is currently expected to be completed by the end of January.
Prior to the subscription, Todd Holdco held an aggregate of 439,058,144 Common Shares, representing approximately 79.57% of the issued and outstanding Common Shares. Todd Holdco’s ownership also reflects the conversion by Todd Holdco of the fourth tranche of the aggregate C$5,200,000.00 loan provided by Todd, through its wholly-owned subsidiary, Todd Holdco, to the Company, pursuant to the terms of the June 2022 convertible loan agreement (the “Convertible Loan”), which matured in accordance with its terms, in December 2023. The principal amount of C$1,200,000.00 and accrued but unpaid interest of C$120,000.00 was converted into an aggregate of 69,473,684 Common Shares.
Following the acquisition of additional Common Shares pursuant to the Subscription Agreement, Todd Holdco will hold an aggregate of 476,391,477 Common Shares, representing approximately 80.87% of the issued and outstanding Common Shares.
The head office of the Company is located at 1040 West Georgia Street, 14th Floor, Vancouver, British Columbia, V6E 4H1.
Source: Company Press Release