Goliath Closes Oversubscribed Flow-Through Funding Totaling $14,609,749 with Strategic and Institutional Investors
GOLIATH CLOSES OVERSUBSCRIBED FLOW-THROUGH
FUNDING TOTALING $14,609,749 WITH
STRATEGIC AND INSTITUTIONAL INVESTORS
NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA
TORONTO, March 16, 2022 – Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the
“Company or “Goliath”) is pleased to announce that the second and final tranche of an oversubscribed
non-brokered private placement of flow -through units $778,400 has closed for an a ggregate total of
$14,609,749 inclusive of tranche one with the participation of strategic and institutional investors;
inclusive of Crescat Capital LLC (“Crescat”). The flow-through units were sold at $1.19 each.
These funds will be used for a significan tly larger 2022 drill campaign from a planned 18,000 meters to
~24,000 meters at its Surebet Zone at its 100% controlled Golddigger property located in the Golden
Triangle, BC. The drill campaign planned will include ~85 holes from 24 pads to test the outer extremities
of Surebet Zone to determine the potential size of the system as well as the newly discovered adjacent
Extension Target to the southeast.
Crescat a strategic investor in Goliath , will have an option to participate in future financings of the
Company to maintain its interest as long as it holds greater than 3 percent of the issued and outstanding
common shares.
"This financing has put Goliath Resources in an excellent position to undertake an aggressive 2022
diamond drill program at Surebet," commented Dr. Quinton Hennigh, Geologic and Technical Director to
Crescat Capital. "This year's program is designed to delineate a very large footprint, 1-1.5M square meters,
of the moderately west -dipping Surebet Zone with the aim of generating an initial resource. As seen in
the 2021 drilling, true width of this mineralized zone averages around 6 meters and the weighted average
grade of drill intercepts is 6.3 g pt AuEq. It is readily apparent this is a big prize and justifies a big drill
program. We are very excited to see this next drill program commence in June."
On February 11, 2022, Goliath announced a $11,000,000 non -brokered flow through financing of units
priced at $1.19 each (“FT Units ”) with the involvement of strategic and institutional investors. It
subsequently increased the financing on February 22, 2022 and again on March 7, 2022 for up to
$14,610,000. Each FT Unit will consist of one flow-through common share plus one warrant to purchase
one non-flow through common share at $1.30 for a 24 month 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% finders warrants equal to the number of units sold in accordance with the policies of the TSX
Venture Exchange. The proposed private placement and finder's fees are subject to TSX Venture Exchange
acceptance. All shares issued pursuant to the offering (including shares issued to finders) and any shares
issued pursuant to the exercise of warrants will be subject to a four -month hold period from the closing
date. The Company paid a total of $461,792 in Finders Fees and 645,710 in Finders Warrants. The warrants
have the same terms as the warrants attached to the units sold.
In addition, the Company has granted stock options for a total of 1, 455,000 common shares of the
Company to board members and consultants. These stock options are exercisable at CDN $1.00 and will
all expire on March 17, 2027. All stock options are governed by the terms and conditions of the Company's
stock option plan.
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 ma cro 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 and Precious Metals funds.
Crescat is advised by Dr. Quinton Hennigh, its geologic and technical director, 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 is currently serving as Co-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 in Fiji, among many others.
Qualified Person
Rein Turna P. Geo is the qualified person as defined by National Instrument 43-101, for Goliath
Resources Limited projects, and supervised the preparation of, and has reviewed and approved, the
technical information in this release.
About Goliath Resources Limited
Goliath Resources Limited is an explorer of precious metals projects in the prolific Golden Triangle of
northwestern British Columbia and the 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
Founder and CEO
Tel: +1.416.488.2887
https://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 new s 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 re lating to
matters that are not historical facts are intended 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 news 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 ar e based on management's reasonable assumptions, there can be 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 news 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. Becaus e of the
risks, uncertainties and assumptions contained herein, investors should not place undue reliance on
forward-looking information. The foregoing statements expressly qualify any forward-looking information
contained herein.
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solicitation of an offer to buy, securities in the United States, or in any other jurisdiction in which such an
offer would be illegal.
The securities referred to herein have not been and will not be will not be registered under the United
States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may
not be 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 un der 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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