Eric Sprott and Crescat Capital Complete Investment IN Goliath Resources Limited
ERIC SPROTT AND CRESCAT CAPITAL COMPLETE
INVESTMENT IN GOLIATH RESOURCES LIMITED
Toronto, Ontario – March 9, 2021 – Goliath Resources Limited (TSX -V: GOT) (OTCQB:
GOTRF) (Frankfurt: B4IF) (the “Company” or “Goliath”) is pleased to announce the closing
of strategic investments made by Eric Sprott through 2176423 Ontario Ltd. and Crescat Capital
(“Crescat”) LLC via non-brokered private placements. Eric Sprott and Crescat now own 8.3%
and 9.9% of Goliath respectively. Gross proceeds of $2,862,025 were raised for the Company.
A total of 4,189,136 units were issued at a price of $0.55 for gross proceeds of $2,304,025. Each
unit consists of one common share plus one warrant to purchase an additional common share at
$0.86 for a twenty-four month period and subject to an accelerator clause. The Company shall
have the right to accelerate the exercise period after the 4 mo nth hold period has expired and its
common shares close at or above $1. 50 for a period of 20 consecutive trading days . If Goliath
exercises such right, the Company will give a 30 day notice to the holders that the warrants will
expire.
A total of 929,999 units were issued at a price of $0.60 for gross proceeds of $557,999. Each unit
consists of one common share plus one warrant to purchase an additional common share at $0. 95
for a twenty-four month period and subject to an accelerator clause. The Company shall have the
right to accelerate the exercise period after the 4 month hold period has expired and its common
shares close at or above $1. 50 for a period of 20 consecutive trading days . If Goliath exercises
such right, the Company will give a 30 day notice to the holders that the warrants will expire.
Mr. Sprott, through 2176423 Ontario Ltd., a corporation that is beneficially owned by him acquired
3,636,364 units at $0.55 each for consideration of approximately $2,000,000. As a result, Mr.
Sprott beneficially owns and controls 3,636,36 4 common shares and 3,636,364 warrants,
representing approximately 8.3% of the issued and outstanding shares of the Company on a non -
diluted basis and approximately 15.3% of the issued and outstanding common shares on a partially-
diluted basis assuming exercise of the warrants acquired hereunder forming part of the units. Prior
to the current acquisition , Mr. Sprott did not beneficially own or control any securities of the
Company.
A copy of Mr. Sprott’s early warning report with respect to the foregoing will appear on the
company’s profile on the System for Electronic Document Analysis and Retrieval (“SEDAR”) at
www.sedar.com and may also be obtained by calling Mr. Sprott’s office at (416) 945 -3294
(2176423 Ontario Ltd., 200 Bay Street, Suite 2600, Royal Bank Plaza, South Tower, Toronto,
Ontario M5J 2J1).
The units were acquired by Mr. Sprott for investment purposes. Mr. Sprott has a long -term view
of the investment and may acquire additional securities of the Company including on the open
market or through private acquisitions or sell securities of the Company including on the open
market or through private dispositions in the future depending on market conditions, reformulation
of plans and/or other factors that Mr. Sprott considers relevant from time to time.
Crescat Capital LLC acquired 480,000 units priced at $0.55 each for consideration of $264,000 as
well as 96,667 units priced at $0.60. As a result, Crescat beneficially owns and controls a total of
4,294,752 common shares and 4,294,752 warrants, representing 9.9% of the issued and
outstanding shares of the Company on a non-diluted basis and approximately 19.6% of the issued
and outstanding common shares on a partially-diluted basis assuming exercise of its warrants
owned. Prior to this placement , Crescat beneficially own ed and controlled 3,718,085 common
shares 3,718,085 warrants of the Company.
The Company paid a finder's fee of $40,000 and 72,727 warrants in relation to this placement. This
non-brokered private placement is subject to TSX Venture Exchange a pproval. All shares issued
pursuant to this offering and any shares issued pursuant to the exercise of warrants will be subject
to a four-month hold period from the closing date.
Mr. Rosmus, Director and CEO of Goliath states:
“We are very pleased to have the support of Mr. Sprott and Crescat Capital as strategic investors
in Goliath. Their investment will enable the Company to help unlock the potential of its assets over
the long term and build shareholder value. This investment of $2,862,025 and strategic partnership,
coupled with the ongoing institutional support and interest from senior miners, is a strong
endorsement that clearly demonstrates the si gnificant near-term discovery potential at our 100%
controlled properties. With less than 45M shares issued and outstanding, no debt, and a strong cash
position, we are well positioned to move forward with the inaugural drilling program at our newly
discovered high-grade gold-silver discovery at the Surebet Zone in the prolific Golden Triangle.”
About Crescat Capital LLC
Crescat is a global macro asset management firm headquartered in Denver, Colorado. Crescat’s
mission is to grow and protect wealth over the long term by deploying tactical investment themes
based on proprietary value -driven equity and macro models. Crescat’s goal is industry leading
absolute and risk-adjusted returns over complete business cycles with low correlation to common
benchmarks. Crescat’s investment process involves a mix of asset classes and strategies to assist
with each client’s unique needs and objectives and includes Global Macro, Long/Short, Large Cap
and Precious Metals funds.
Crescat is advised by its technical consultant Dr. Quinton Hennigh on investments in gold and
silver resource companies. Dr. Hennigh became an economic geologist after obtaining his PhD in
Geology/Geochemistry from the Colorado School of Mines . He has more than 30 years of
exploration experience with major gold mining firms that include Homestake Mining, Newcrest
Mining and Newmont Mining. Recently, Dr. Hennigh founded Novo Resources Corp and serving
as Chairman. Among his notable project involvements are First Mining Gold’s Springpole gold
deposit in Ontario, Kirkland Lake Gold’s acquisition of the Fosterville gold mine in Australia, the
Rattlesnake Hills gold deposit in Wyoming, and Lion One’s Tuvatu gold project on Fiji, among
many others.
About Goliath Resources Limited
Goliath Resources Limited is an explorer of p recious metals projects in the prolific Golden
Triangle of northwestern British Columbia and Abitibi Greenstone Belt of Quebec . All of its
projects are in world class geological settings and geopolitical safe jurisdictions amenable to
mining in Canada.
For more information please contact:
Goliath Resources Limited
Mr. Roger Rosmus
President and Chief Executive Officer
Tel: +1-416-488-2887 x222
www.goliathresourcesltd.com
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.
Certain statements contained in this press release constitute forward-looking information. These statements
relate to future events or future performance. The use of any of the words "could", "intend", "expect",
"believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that
are not historical facts are in tended to identify forward -looking information and are based on Goliath’s
current belief or assumptions as to the outcome and timing of such future events. Actual future results may
differ materially. In particular, this release contains forward-looking information relating to, among other
things, the ability of Company to complete the financings and its ability to build value for its shareholders
as it develops its mining properties . Various assumptions or factors are typically applied in drawing
conclusions or making the forecasts or projections set out in forward -looking information. Those
assumptions and factors are based on information currently available to Goliath. Although such statements
are based on management's reasonable assumptions, there can b e no assurance that the proposed
transactions will occur, or that if the proposed transactions do occur, will be completed on the terms
described above.
The forward-looking information contained in this release is made as of the date hereof and Goliath is not
obligated to update or revise any forward -looking information, whether as a result of new information,
future events or otherwise, except as required by applicable securities laws. Because of the risks,
uncertainties and assumptions contained herein, i nvestors should not place undue reliance on forward -
looking information. The foregoing statements expressly qualify any forward -looking information
contained herein.
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The securities referred to herein have not been and will not be will not be registered under the United States
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offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in
Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable
state securities laws or an exemption from such registration is available.
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NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES
DESCRIBED HEREIN.