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Golden Goliath closes $6.6 million financing
Golden Goliath closes $6.6 million financing.
About this update from Golden Goliath Resources Ltd.
[{"type":"text","content":"\n\n\n\nAgnico Eagle and Sprott Asset Management increase ownership\n\n\nTSX.V: GNG\n\n\nUS: GGTH-F\n\n\nVANCOUVER, April 25 /CNW/ - Golden Goliath Resources Ltd. is very pleased\nto announce that it has now closed a combined brokered and non-brokered\nprivate placement for total gross proceeds of $6,647,200. The financing\nconsisted of units at a price of $0.40 per unit (a "Unit"). Each Unit\nconsisted of one common share and one non-transferable share purchase warrant\nexercisable for a period of two years at a price of $0.45 for each warrant.\nOnce resale restrictions on the shares having expired and upon Golden\nGoliath's shares trading at or above a weighted average trading price of $0.75\nfor 20 consecutive trading days Golden Goliath may give notice that the\nWarrants will expire 30 days from the date of providing such notice (in\nwriting to Warrant holders and via a news release). All securities issued are\nsubject to a hold period until August 21, 2007.\n\n\nThe proceeds will be used primarily to greatly increase the drilling\nprogram currently underway on the Company's 100% owned properties in the\nUruachic Mining Camp, located in Mexico's Sierra Madre Occidental mountain\nrange.\n\n\nGolden Goliath engaged Bolder Investment Partners Ltd. as agent and who\nreceived a commission of 7.5%, of which it elected to take 252,476 in Units,\n1,482,250 Agent's warrants were issued exercisable for a period of two years\nat a price of $0.45 per Agent's warrant and a $7,500 cash work fee.\n\n\nThe Company is also very pleased that Agnico Eagle Mines Limited was a\nsubstantial purchaser of the private placement Units. With its previous\nholdings of 1,612,000 shares and its purchase of 3,750,000 units of the\ncurrent financing, Agnico Eagle now holds 5,362,000 shares and 3,750,000\nWarrants of Golden Goliath for 14.5% of the outstanding common shares of\nGolden Goliath, on a partially diluted basis. These shares were purchased for\ninvestment purposes. Agnico Eagle is represented on Golden Goliath's Board of\nDirectors by their Vice President Project Development, Marc Legault.\n\n\nAbout Agnico Eagle\n\n\nAgnico-Eagle is a long established Canadian gold producer with operations\nlocated in Quebec and exploration and development activities in Canada,\nFinland, Mexico and the United States. Agnico-Eagle's LaRonde Mine is Cana...