Mr. Roger Rosmus reports
GOLIATH UPSIZES FINANCING TO $1,950,000
The non-flow-through portion of Goliath Resources Ltd.'s previously announced non-brokered private placement dated July 16, 2020, has been increased from $500,000 to $1.2-million due to significant investor demand. This will provide $1.95-million of gross proceeds to the company, inclusive of the $750,000 flow-through portion that is fully subscribed.
The flow-through financing 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 the Palisades Goldcorp Ltd. syndicate will acquire all 3,260,869 FT units. Each FT unit will consist of one flow-through common share and one warrant to purchase one common share at 25 cents for five years.
The non-flow-through financing will consist of up to six million units priced at 20 cents for gross proceeds of up to $1.2-million. Each NFT 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 6-per-cent finders' fees in cash and 6-per-cent finders' compensation options (one common share and one 25-cent warrant) priced at 20 cents for a five-year period, based on a portion of NFT units sold. In addition, it may pay 6-per-cent finders' fees in cash and 6-per-cent finders' compensation options (one common share and one 25-cent warrant) priced at 23 cents for a five-year period, based on a portion of FT units sold. 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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