Goliath Closes Upsized $2,166,194 Financing Including a Strategic Investment By a Syndicate Led By Palisades Goldcorp
TORONTO, Aug. 06, 2020 - Goliath Resources Ltd. (TSX-V: GOT) (OTCQB: GOTRF) (Frankfurt: B4IE) (the “Company” or “Goliath”) is pleased to report that the previously announced non-brokered private placement and strategic investment syndicate led by Palisades Goldcorp Ltd. (“Palisades”) dated July 16, 2020 for $1,500,000 (Click Here) has closed for upsized gross proceeds of $2,166,194 due to significant investor demand.
The flow through funding consisted of 3,983,455 flow through units (“FT Units”), priced at $0.23 each for gross proceeds of $916,194 of which the Palisades syndicate has acquired. Each FT Unit consists of one flow-through common share plus one warrant to purchase one common share at $0.25 for five years.
The non flow-through funding consisted of 6,250,000 units (“NFT Units”) priced at $0.20 for gross proceeds of $1,250,000. Each NFT Unit consists of one common share plus one warrant to purchase an additional common share at $0.25 for five years
The Company paid a six percent (6%) finder's fees in cash of $50,031.30 and six percent (6%) finder's compensation options of 250,157 (one common share and one $0.25 warrant) priced at $0.20 for a five year period based on a portion of NFT Units sold. In addition, it paid six percent (6%) finder's fees in cash of $30,521.23 and six percent (6%) finder's compensation options of 132,701 (one common share and one $0.25 warrant) priced at $0.23 for a five year period based on a portion of FT Units sold. The private placement and any finder's fees are subject to TSX Venture Exchange approval. All shares issued pursuant to this offering and any shares issued pursuant to the exercise of warrants will be subject to a four-month and one day hold period from the closing date.
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.
About Palisades Goldcorp Ltd.
Palisades Goldcorp Ltd. is Canada’s new resource focused merchant bank. Palisades’ management team has a demonstrated track record of making money and is backed by many of industry’s most notable financiers. With junior resource equities valued at generational lows, management believes the sector is on the cusp of a major bull market move. Palisades is positioning itself with significant stakes in undervalued companies and assets with the goal of generating superior returns.
About Goliath Resources Limited
Goliath Resources Ltd. is a project generator of precious metals projects in the prolific Abitibi Greenstone Belt of Quebec and the Golden Triangle of northwestern British Columbia.
For more information please contact:
Goliath Resources Ltd.
Mr. Roger Rosmus
President and Chief Executive Officer
Tel: +1-416-488-2887 x222
roger@goliathresources.com
www.goliathresourcesltd.com
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 Company to complete the financing 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.
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