News Release
Cardiff Energy Corp Announces:
• Acquisition of Mali Gold Project
• Non-Brokered Private Placement
• Change of name to Cheetah Canyon Resources
July 10, 2017, Cardiff Energy Corp. (the “Company”) (TSX-V: CRS, Frankfurt: C2Z.F, OTC Pink Sheets: CRRDF) is pleased to announce the acquisition of a 100% mineral interest in a gold project in Mali, Africa (“Mali Gold Project”). The Company will also issue up to 5,000,000 units (the “Units”) at a price of $0.10 per Unit for gross proceeds of up to $500,000 in a non-brokered private placement (the “Private Placement”).
Mali Gold Project
The Company has signed a definitive agreement with a private vendor Rachid Mogabgab (the “Vendor”) to acquire a 100% mineral interest in a gold project in Mali, Africa. The acquisition includes an estimated $250,000 in mining equipment previously utilized at the Mali Gold Project. A finders’ fee is payable on this transaction. This acquisition is subject to TSX Venture Exchange approval.
As full consideration for the purchase the Company will issue to the Vendor:
1. 2,500,000 common shares of the Company on the Closing Date at a deemed price of $0.10 per share subject to Exchange approval; and
2. $250,000 payable as follows:
a. $25,000 on signing of definitive agreement (paid)
b. 9 payments of $25,000 payable every 3 months after Closing Date of the Definitive Agreement
Non Brokered Private Placement
The Company will issue up to 5,000,000 units (the “Units”) at a price of $0.10 per Unit for gross proceeds of up to $500,000 in a non-brokered private placement (the “Private Placement”). Each Unit will consist of one common share of the Company and one half of one transferable share purchase warrant (a “Warrant”). Each whole Warrant shall be exercisable to acquire one additional common share of the Company (a “Warrant Share”) for a period of 24 months at a price of $0.15 per Warrant Share. Proceeds derived from this Private Placement will be used for general working capital purposes, the Mali Gold Project and for evaluation of additional potential projects. The private placement is subject to TSX Venture Exchange approval.
Change of Company Name to Cheetah Canyon Resources Corp
The Company’s board of directors has resolved to change the Company’s name to “Cheetah Canyon Resources Corp.” to better reflect the Company’s current business focus. The proposed name change is subject to acceptance by the TSX Venture Exchange.
ON BEHALF OF THE BOARD OF DIRECTORS
“Jack Bal”
Jack Bal,
President and Chief Executive Officer
FOR MORE INFORMATION, PLEASE CONTACT: Jack Bal 604-306-5285 jackbalyvr@gmail.com
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
