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Northcliff Resources Settles C$7.349 Million Convertible Loan Agreement

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Northcliff Resources (NCF.TO) settled the C$7.349 million convertible loan agreement in full, plus accrued interest for C$7.6 million in total by issuing 32.9-million shares to Todd Sisson (NZ) Limited, it said in a statement after markets closed on Monday.

The company's board of directors approved the loan by written resolutions dated July 31. Todd, a unit of Todd Corporation and Northcliff's largest shareholder, now holds 543.2-million shares or an 81.90% interest in the company.

The company's shares last traded Aug. 17, closing at C$0.31 on the Toronto Stock Exchange.

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