NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA
TORONTO, Dec. 14, 2018 - Goliath Resources Ltd. (TSX-V: GOT) (OTCQB: GOTRF) (Frankfurt: B4IE) (the “Company or “Goliath”) is pleased to announce it has closed a non-brokered private placement for proceeds totaling $794,855. This offering was completed with strong support from both institutions and accredited investors alike in Canada. This financing is in addition to the closing of the $707,000 funding announced on November 27, 2018 for combined gross proceeds totaling $1,501,855.
The offering consisted of flow-through units ("FT Unit") and non-flow-through units (“NFT Unit”) both priced at $0.10 per unit.
Each FT Unit is comprised of one common share which is a "flow-through" share for Canadian income tax purposes and one half (1/2) share purchase warrant (each full warrant, a "$0.20 Warrant"). Each NFT Unit is comprised of one common share which is not a "flow-through" share and one half (1/2) share purchase warrant (each full warrant, a "$0.20 Warrant").
Each full Warrant will entitle the holder to purchase one additional common share which is not a "flow-through" share at the price of $0.20 for 24 months after closing. If at any time after four months after the date of completion of the offering the Company's shares have a closing price equal to or higher than $0.40 per Share for ten (10) consecutive trading days on the TSX Venture Exchange ("TSX-V") the Company shall thereafter be entitled to give notice to the holders of all $0.20 Warrants, by news release, that such warrants will expire at 4:30 p.m. (Toronto time) on that date which is 30 days after the date of such news release unless exercised before the expiry of that period.
The Company will pay finder's fees equal to 7% of the gross proceeds from a portion of the financing in cash, and 7% finder's warrants equal to the number of units sold in accordance with the policies of the TSX-V. The private placement and finder's fees are subject to TSX-V acceptance. All shares issued pursuant to the 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. The Company paid $28,000 in finder's fees and issued 140,000 finder's warrants (which have the same price and terms as the $0.20 Warrants attached to the units sold).
About Goliath
Goliath Resources Ltd. is a project generator of precious metals projects focused in the prolific Golden Triangle and surrounding area of northwestern British Columbia. It controls 100% of four highly prospective properties that include Bingo, Golddigger, Lucky Strike and Copperhead covering over 44,000 hectares. All four properties have brand new discoveries that all have returned anomalous gold, silver and/or copper in soils, grab and channel samples from exposed bedrock at surface over large areas. These new discoveries occurred in an area of glacial recession and snowpack melting in a geological setting where world class deposits have been found within the Golden Triangle and surrounding area.
Further information regarding Goliath Resources Ltd. can be found at:
www.goliathresourcesltd.com
Contact Information:
Roger Rosmus
Chief Executive Officer
roger@goliathresources.com
+1.416.488.2887 x222
General Disclaimer
Goliath Resources Ltd. "Goliath" has taken all reasonable care in producing and publishing information contained in this news release and will endeavor to do so on a periodic basis. Material in this news release may still contain technical or other inaccuracies, omissions, or typographical errors, for which Goliath assumes no responsibility. Goliath does not warrant or make any representations regarding the use, validity, accuracy, completeness or reliability of any claims, statements or information on this site. Under no circumstances, including, but not limited to, negligence, shall Goliath be liable for any direct, indirect, special, incidental, consequential, or other damages, including but not limited to, loss of programs, loss of data, loss of use of computer of other systems, or loss of profits, whether or not advised of the possibility of damage, arising from your use, or inability to use, the material from this news release. The information is not a substitute for independent professional advice before making any investment decisions. Furthermore, you may not modify or reproduce in any form, electronic or otherwise, any information on this site, except for personal use unless you have obtained our express written permission.
Forward-Looking Statements
This news release contains forward-looking statements, including but not limited to comments regarding predictions and projections. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements.
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.
