Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE:
B4IF) (the
“Company” or
“Goliath”) is pleased to report Mr. Rob McEwen and
Crescat Capital LLC have completed their strategic investments in
Goliath. They both participated in tranche one of the announced
non-brokered private placement that was upsized to $8,600,000 from
$5,000,000. Gross proceeds from tranche one totaled $4,115,616 and
the second and the final tranche of up to ~$4,484,384 gross
proceeds is scheduled to close on or around October 11, 2023.
Mr. McEwen subscribed for $1,000,440 NFT units
priced at $0.63 for a total of 1,588,000 units through his personal
holding company. Once the second tranche closes, he will own ~2.4%
(P/D) of Goliath. Mr. McEwen is the founder and former Chairman of
Goldcorp where he discovered, built, and operated the Red Lake Mine
in Ontario which was acquired by Newmont Mining in 2019 for US$10
billion. Mr. McEwen is currently the Chairman and Chief Owner of
McEwen Mining Inc., a gold and silver producer with operations in
Nevada, Canada, and Mexico.
Goliath’s largest shareholder, Crescat Capital,
subscribed for $500,220 for a total of 794,000 NFT units. Once the
second tranche closes, they will own ~18.4% (P/D) of Goliath.
Crescat Capital participated in the Offering pursuant to a
pre-emptive right granted to them by the Company (see about Crescat
Capital below).
~$4,484,384 (or 52%) of the up to $8,600,000
announced non-brokered private placement is priced at $1.00 per
Charity Flow Through (CFT) unit which helps minimize excessive
dilution based on the Company’s low share price and market cap. The
second tranche is entirely comprised of CFT funds and is scheduled
to close on or around October 11, 2023.
The financing is closing in two tranches in a
combination of: (i) 5,656,406 Non-Flow-Through units sold at a
price of $0.63 per NFT unit. Each NFT unit consists of one common
share of the Company and one-half purchase warrant, entitling the
holder thereof to purchase one common share for every whole warrant
for a period of 18 months from the date of issuance at an exercise
price of $0.78; (ii) 4,484,384 Charity Flow-Through units to be
sold at a price of $1.00 per CFT unit. Each CFT unit will consist
of one common share that will qualify as a flow-through share
within the meaning of Subsection 66(15) of the Income Tax Act
(Canada) plus one-half purchase warrant entitling the holder
thereof to purchase one common share for every whole warrant for a
period of 18 months from the date of issuance at an exercise price
of $0.78; and (iii) 824,000 Flow-Through (FT) shares sold at a
price of $0.67 per one flow-through share within the meaning of
Subsection 66(15) of the Income Tax Act (Canada).
The Company intends to use the gross proceeds
raised from the CFT & FT offering for exploration and related
programs on Goliath’s Golddigger and Lucky Strike properties
located in and around the Golden Triangle of northwestern British
Columbia. The proceeds from the NFT offering be used for general
working capital and administrative purposes.
The gross proceeds from the CFT and FT offering
will be used for Canadian exploration expenses as such term is
defined in paragraph (f) of the definition of Canadian exploration
expense in Subsection 66.1(6) of the tax act, flow-through mining
expenditures as defined in Subsection 127(9) of the tax act that
will qualify as flow-through mining expenditures, and B.C.
flow-through mining expenditures as defined in Subsection 4.721(1)
of the Income Tax Act (British Columbia), which will be incurred on
or before Dec. 31, 2024, and renounced with an effective date no
later than Dec. 31, 2023. British Columbia Super Flow - the B.C.
mining flow-through share (B.C. MFTS) tax credit allows BC
Residents who invest in flow-through shares to claim a provincial
non-refundable tax credit of 20% of their B.C. flow-through mining
expenditures. B.C. flow-through mining expenditures are specific
exploration expenses incurred by a PBC and renounced by a
corporation issuing the flow-through shares.
Goliath may pay finders' fees composed of cash
and warrants in connection with the offering, subject to compliance
with the policies of the TSX Venture Exchange. All securities
issued and sold under the offering will be subject to a hold period
expiring four months and one day from their date of issuance.
Completion of the offering and the payment of any finders' fees
remain subject to the receipt of all necessary regulatory
approvals, including the approval of the TSX Venture Exchange.
About Crescat Capital LLC
Crescat is a global macro asset management firm
headquartered in Denver, Colorado. Crescat’s mission is to grow and
protect wealth over the long term by deploying tactical investment
themes based on proprietary value-driven equity and macro models.
Crescat’s goal is industry leading absolute and risk-adjusted
returns over complete business cycles with low correlation to
common benchmarks. Crescat’s investment process involves a mix of
asset classes and strategies to assist with each client’s unique
needs and objectives and includes Global Macro, Long/Short and
Precious Metals funds.
Crescat is advised by Dr. Quinton Hennigh, its
geologic and technical director on investments in gold and silver
resource companies. Dr. Hennigh became an economic geologist after
obtaining his PhD in Geology/Geochemistry from the Colorado School
of Mines. He has more than 30 years of exploration experience with
major gold mining firms that include Homestake Mining, Newcrest
Mining and Newmont Mining. Recently, Dr. Hennigh founded Novo
Resources Corp., and is currently serving as Co-Chairman. Among his
notable project involvements are First Mining Gold’s Springpole
gold deposit in Ontario, Kirkland Lake Gold’s acquisition of the
Fosterville gold mine in Australia, the Rattlesnake Hills gold
deposit in Wyoming, and Lion One’s Tuvatu gold project in Fiji,
among many others.
Golddigger Property
The Golddigger Property is 100 % controlled
covering an area of 61,685 hectares (152,427 acres) and is in a
world class geological setting of the Eskay Rift within the Golden
Triangle of British Columbia. The property encompasses 56
kilometers of the ‘Red Line’ that is host to multiple world class
deposits. The Surebet discovery has exceptional metallurgy with
gold recoveries of 92.2% inclusive of 48.8% free gold from gravity
alone at a 327-micrometer crush (no deleterious elements or cyanide
required). Its is in an excellent location close in proximity to
the communities of Alice Arm and Kitsault where there is a
permitted mill site on private property. It is situated on tide
water with direct barge access to Prince Rupert (190 kilometers via
the Observatory inlet/Portland inlet). The town of Kitsault is
accessible by road (190 kilometers from Terrace, 300 kilometers
from Prince Rupert) and has a barge landing, dock, infrastructure
capable of housing more than 300 people, and high-tension power.
Additional infrastructure in the area includes the Dolly Varden
Silver Mine Road (only 7 kilometers to the East of the Surebet
discovery) with direct road access to Alice Arm barge landing (18
kilometers to the south of the Surebet discovery) and high-tension
power (25 kilometers to the East of Surebet discovery). The city of
Terrace (population 16,000) provides access to railway, major
highways, and airport with supplies (food, fuel, lumber, etc.),
while the town of Prince Rupert (population 12,000) is located on
the west coast and houses an international container seaport also
with direct access to railway and an airport with supplies.
About Goliath Resources
Limited
Goliath Resources Limited is an explorer of
precious metals projects in the prolific Golden Triangle of
northwestern British Columbia and Abitibi Greenstone Belt of
Quebec. All its projects are in world class geological settings and
geopolitical safe jurisdictions amenable to mining in Canada.
For more information please
contact: Goliath Resources Limited Mr. Roger
Rosmus Founder and CEO Tel:
+1.416.488.2887roger@goliathresources.com
www.goliathresourcesltd.com
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange), nor the OTCQB Venture Market
accepts responsibility for the adequacy or accuracy of this
release. Certain statements contained in this press release
constitute forward-looking information. These statements relate to
future events or future performance. The use of any of the words
"could", "intend", "expect", "believe", "will", "projected",
"estimated" and similar expressions and statements relating to
matters that are not historical facts are intended to identify
forward-looking information and are based on Goliath’s current
belief or assumptions as to the outcome and timing of such future
events. Actual future results may differ materially. In particular,
this release contains forward-looking information relating to,
among other things, the ability of the Company to complete
financings and its ability to build value for its shareholders as
it develops its mining properties. Various assumptions or factors
are typically applied in drawing conclusions or making the
forecasts or projections set out in forward-looking information.
Those assumptions and factors are based on information currently
available to Goliath. Although such statements are based on
management's reasonable assumptions, there can be no assurance that
the proposed transactions will occur, or that if the proposed
transactions do occur, will be completed on the terms described
above.
The forward-looking information contained in
this release is made as of the date hereof and Goliath is not
obligated to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise,
except as required by applicable securities laws. Because of the
risks, uncertainties and assumptions contained herein, investors
should not place undue reliance on forward-looking information. The
foregoing statements expressly qualify any forward-looking
information contained herein.
This announcement does not constitute an offer,
invitation, or recommendation to subscribe for or purchase any
securities and neither this announcement nor anything contained in
it shall form the basis of any contract or commitment. In
particular, this announcement does not constitute an offer to sell,
or a solicitation of an offer to buy, securities in the United
States, or in any other jurisdiction in which such an offer would
be illegal.
The securities referred to herein have not been
and will not be will not be registered under the United States
Securities Act of 1933, as amended (the “U.S. Securities Act”), or
any state securities laws and may not be offered or sold within the
United States or to or for the account or benefit of a U.S. person
(as defined in Regulation S under the U.S. Securities Act) unless
registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is
available.
NOT FOR DISSEMINATION IN THE UNITED
STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT
CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED
HEREIN.
Goliath Resources (TSXV:GOT)
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부터 4월(4) 2024 으로 5월(5) 2024
Goliath Resources (TSXV:GOT)
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부터 5월(5) 2023 으로 5월(5) 2024