Mr. Roger Rosmus reports
GOLIATH INCREASES SIZE OF FINANCING UP TO $1,500,000
The non-flow-through portion of Goliath Resources Ltd.'s previously announced non-brokered private placement has been increased from $500,000 up to $750,000 due to investor demand. This would provide up to $1.5-million of gross proceeds to the company, inclusive of the $750,000 flow-through portion, which is fully subscribed.
The flow-through portion will consist of 3,260,869 flow-through units priced at 23 cents each for gross proceeds of $750,000. Upon completion of the flow-through offering, it is expected that Palisades Goldcorp Ltd. will acquire all 3,260,869 flow-through units. Each flow-through unit will consist of one flow-through common share and one warrant to purchase one non-flow-through common share at 25 cents for five years.
The non-flow-through portion will consist of up to 3.75 million units priced at 20 cents each for gross proceeds of up to $750,000. Each non-flow-through unit will consist of one common share and one warrant to purchase an additional common share at 25 cents for five years.
The company may pay finders' fees of the gross proceeds from a portion of the financing in cash and finders' warrants. The proposed private placement and any finders' fees are subject to TSX Venture Exchange approval. All shares issued pursuant to this offering, as well as any shares issued pursuant to the exercise of warrants, will be subject to a four-month hold period from the closing date.
About Goliath Resources Ltd.
Goliath Resources is a project generator of precious metal projects in the prolific Abitibi greenstone belt of Quebec and the Golden Triangle of northwestern British Columbia.
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