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Northcliff Resources Enters into Secured Convertible Loan Agreement for C$7.35 Million

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Northcliff Resources (NCF.TO) signed a secured convertible loan agreement for C$7.35 million with Todd Sisson (NZ) Limited, a subsidiary of the Todd Corporation, the company's largest shareholder, it said late Friday.

The loan, with a term of 18 months, will bear an interest rate at the Royal Bank of Canada's prime rate plus 6% interest per annum, with interest payable at maturity, said the company.

A 2% commitment fee is included in the loan, which will be capitalized and added to the principal amount of the loan as of July 31, it added.

The loan may be prepaid without penalty, said the company.

The company will use the loan to repay amounts outstanding under previous loan agreements with Todd, it added.

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