Goliath Resources Secures $16.1 Million in Latest Financing
Goliath Resources Concludes Successful Financing Round
Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) is thrilled to announce the closure of its final tranche of a substantial non-brokered flow-through financing, which garnered an impressive total of $16,120,500. This achievement reflects the strong confidence that cornerstone investors have in Goliath's operations, particularly in the promising Surebet gold discovery located in British Columbia's renowned Golden Triangle region.
Strategic Investments Boost Goliath's Exploration
Leading the charge in this funding round is Roger Rosmus, Goliath's Founder and CEO, who expressed his elation at the substantial backing from institutional investors, including Crescat Capital and a significant Global Commodity Group based out of Singapore. In a notable turn of events, mining industry icon Rob McEwen has made his third investment in Goliath, and Larry Childress has entered the fray as a new chapter unfolds with his considerable initial investment.
Importance of Financial Support
These investments are pivotal and allow Goliath to ramp up its drilling program from an originally planned 15,000 meters to an expansive 36,000 meters. Rosmus remarked on the visible gold already detected in drill core samples and expressed excitement for the initial assay results. This year's drilling campaign is already shaping up to be the most successful in the history of Goliath Resources.
Details on the Offering
The private placement consisted of a combination of Charity Flow-Through shares and standard Flow-Through shares, sold at prices of $1.975 and $1.44 each, respectively. Overall, Goliath successfully placed 6,237,257 Charity Flow-Through shares, resulting in proceeds of $12,318,582, along with an additional 2,640,221 Flow-Through shares yielding $3,801,918, thus achieving the aggregate total of $16,120,500. These funds will essentially target exploration efforts on properties surrounding the Golden Triangle, known for its rich geological potential.
Exploration Goals and Tax Benefits
The raised funds are earmarked for exploration-related activities on Goliath's properties, emphasizing investments that qualify for tax incentives outlined within Canadian regulations, specifically benefiting British Columbia residents through the B.C. Super Flow tax credit.
Financial Structure of the Offering
In relation to finders' fees associated with the offering, Goliath has allocated 6% in cash and 6% in finders' warrants to select orders. This arrangement will provide immediate rewards totaling $292,184 in cash and the issuance of 164,249 warrants valid for a year. All these positionings fall under compliance with the TSX Venture Exchange's policies and regulations, thereby ensuring proper governance of the funding process.
About Goliath Resources
Goliath Resources Limited is at the forefront of exploration in the precious metals landscape within British Columbia's Golden Triangle. Its operations benefit from exceptional local infrastructure and a favorable geopolitical climate conducive to mining activities. Goliath stands as a proud participant in CASERM, showcasing its commitment to collaborative mining ventures with other academic institutions.
For More Details
For further inquiries, investors may contact:
Goliath Resources Limited
Mr. Roger Rosmus
Founder and CEO
Tel: +1.416.488.2887
roger@goliathresources.com
www.goliathresourcesltd.com
Frequently Asked Questions
What is the total amount raised in Goliath's latest financing?
Goliath Resources successfully raised a total of $16,120,500 through its final tranche of financing.
Who are the key investors in this financing round?
Key investors include Crescat Capital, mining legend Rob McEwen, and Larry Childress.
What is the primary goal for the funds raised?
The raised funds will be used for exploration programs in Goliath's properties, specifically increasing their drilling efforts.
What are Charity Flow-Through shares?
Charity Flow-Through shares are a type of investment that offers tax advantages in exchange for funding exploration activities.
How does the B.C. Super Flow tax credit benefit investors?
Investors in flow-through shares can claim a non-refundable tax credit of 20% on their investments, enhancing the financial appeal of supporting Goliath's exploration efforts.
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