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Goliath Resources Closes Upsized Brokered Private Placement for Gross Proceeds of C$9.65 Million
TORONTO, May 18, 2023 (GLOBE NEWSWIRE) -- Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (Frankfurt: B4IF) (the "Company" or "Goliath") is pleased to ann
About this update from Goliath Resources Limited
[{"type":"text","content":" TORONTO, May 18, 2023 (GLOBE NEWSWIRE) -- Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (Frankfurt: B4IF) (the \"Company\" or \"Goliath\") is pleased to announce the closing of its previously announced \"best-efforts\" upsized private placement (the \"Offering\") for gross proceeds of C$9,650,000, which includes the full exercise of the Agent’s Option for gross proceeds of C$1,150,000. Under the Offering, the Company sold 9,650,000 flow-through units to charitable purchasers (each, a \"Charity FT Unit\") at a price of C$1.00 per Charity FT Unit (the \"Offering Price\"). Red Cloud Securities Inc. (the \"Agent\") acted as sole agent and bookrunner under the Offering. Each Charity FT Unit consists of one common share of the Company (each, a \"Common Share\") issued as a \"flow-through share\" within the meaning of the Income Tax Act (Canada) (each, a \"FT Share\") and one half of one common share purchase warrant (each whole warrant, a \"Warrant\"). Each whole Warrant shall entitle the holder to purchase one Common Share at a price of C$0.92 at any time on or before May 18, 2025. Proceeds from the sale of FT Shares will be used to incur \"Canadian exploration expenses\" as defined in subsection 66.1 (6) of the Income Tax Act (Canada) and \"flow through mining expenditures\" as defined in subsection 127(9) of the Income Tax Act (Canada) (the \"Qualifying Expenditures\"). Such proceeds will be renounced to the subscribers of Charity FT Units with an effective date not later than December 31, 2023, in the aggregate amount of not less than the total amount of gross proceeds raised from the issue of FT Shares. The Company intends to use most of the proceeds from the Offering for Qualifying Expenditures for exploration and drilling at its new Surebet discovery at its 100% controlled Golddigger property located in the Golden Triangle, British Columbia. 6,150,000 Charity FT Units were sold pursuant to the listed issuer financing exemption under Part 5A of NI 45-106 – Prospectus Exemptions (the \"Listed Issuer Financing Exemption\"). Pursuant to applicable Canadian securities laws, the Common Shares issuable from these 6,150,000 Charity FT Units will be immediately freely tradeable under the Listed Issuer Financing Exemption for Canadian purchasers. The remaining 3,500,000 Charity FT Units sold under the Offering ...