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Golden Goliath Private Placement Approved; Crews Mobilize
Vancouver, British Columbia--(Newsfile Corp. - June 2, 2020) - Golden Goliath Resources Ltd. ...
About this update from Golden Goliath Resources Ltd.
[{"type":"text","content":"Golden Goliath Private Placement Approved; Crews MobilizeVancouver, British Columbia--(Newsfile Corp. - June 2, 2020) - Golden Goliath Resources Ltd. (TSXV: GNG) (OTC: GGTHF) (FSE: GGZ) (\"Golden Goliath\" or the \"Company\") is very pleased to announce that the recently announced private placement has now received the necessary regulatory approvals. Originally planned for $350,000, the private placement was increased to $450,000 due to demand and then again to $500,000. The Company filed with the TSX on May 13th when it had received subscriptions from 24 placees, including several Company Insiders. The offering closed at 9,960,000 Units at a price of $0.05 per unit for gross proceeds of $498,000.00 . Two \"Finders\" received a total of $12,000.00 in Finders Fees.The bulk of the net proceeds of the Offering will be used on the Company's Kwai property in the Red Lake district to complete the approximately 50 line kilometres of Induced Polarization survey that was identified as a priority by the recent airborne geophysical survey and to conduct a program of till sampling geochemistry on the property. Preliminary IP lines surveyed last year yielded nine drill targets that have already been permitted and this new work is expected to increase that number. Figure 1: Red Lake District Properties including the Kwai and SLF properties of Golden GoliathTo view an enhanced version of Figure 1, please visit:https://orders.newsfilecorp.com/files/4761/57034_6e691a4834feaad1_002full.jpgThe Companyʻs geophysical advisor, independent geophysical engineer Robert Middleton, BSc, MSc, P.Eng., commented on the 2019 IP targets in a press release dated August 27, 2019.\"The Induced polarization survey of the Kwai Property in Red Lake has traced two major shear Zones across the length of the grid for a 1.6 km distance and drill holes at selected intervals will determine the presence of gold mineralization. Shears are the main controlling structures for gold in the Red Lake Camp both at the Goldcorp Red Lake Mine (former Arthur White Mine) and on new discoveries such as the Great Bear Dixie Lake project immediately north to the Golden Goliath Kwai property.\"……\"You are in Virgin territory! And you can have a whole new type of discovery here. The gold bearing fluids are in the area and just need the right structure to channel them.\...