Todd Minerals Doubles Down on Northcliff Resources with New Convertible Loan

Todd Minerals Ltd., a subsidiary of Todd Corporation, has made a significant investment in Northcliff Resources Ltd. by entering into a new convertible loan agreement.

The loan, worth $7,349,636, is secured and bears interest at the Royal Bank of Canada prime rate plus 6% per annum.

The principal amount of the loan and accrued interest are repayable at any time by Northcliff Resources Ltd. without penalty or can be settled at maturity through issuances of common shares.

If converted in full, Todd Minerals Ltd.'s wholly-owned subsidiary would hold approximately 82.11% of Northcliff Resources Ltd.'s outstanding shares.