TSX.V: GNG
US:GGTH-F
VANCOUVER, March 1 /CNW/ - Further to the Company's news release of February 26, the Company is pleased to report it has increased the size of its previously announced private placement of up to 3,750,000 units at a price of $0.40 per unit to 15,000,000 units at a price of $0.40. In doing so, the Company has engaged Bolder Investment Partners, Ltd. as agent. They will receive a commission of 7.5%, of which it may elect to take up to half in Units, 10% Agent's warrants having the same terms as the warrants under the Units and a $7,500 cash work fee. Closing of the placement is subject to regulatory approval.
Each unit shall consist of one common share and one non-transferable share purchase warrant exercisable for a period of two years at a price of $0.45 for each warrant. Once resale restrictions on the Shares having expired and upon Golden Goliath's shares trading at or above a weighted average trading price of $0.75 for 20 consecutive trading days Golden Goliath may give notice that the Warrants will expire 30 days from the date of providing such notice (in writing to Warrant holders and via a news release). The proceeds will be used to expand the current exploration drilling programs at the Company's 100% owned Las Bolas, San Timoteo and La Reforma projects located in the Uruachic mining camp in the Sierra Madre mountain range, State of Chihuahua, Mexico; and will also provide funds for preliminary exploration work at the Company's La Cruz and Chamizal Properties located in the central part of Chihuahua State.
ON BEHALF OF GOLDEN GOLIATH RESOURCES LTD.
J. Paul Sorbara, M.Sc., P.Geo.
President
The TSX Venture Exchange has not reviewed and does not approve or
disapprove the adequacy or accuracy of this release.