Goliath Upsizes Flow Through Placement From $12,750,000 To $14,725,00 With Strategic Investor Mr. Larry Childress Buying 1,000,000 Shares - $9,562,308 Closed In First Tranche And Strategic Singapore Based Global Commodity
Goliath Upsizes Flow Through Placement From $12,750,000 To $14,725,00 With
Strategic Investor Mr. Larry Childress Buying 1,000,000 Shares
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$9,562,308 Closed In First Tranche And Strategic Singapore Based Global Commodity
Group Completes Purchase of 1,600,000 Shares Increasing Ownership to 3.5%
Toronto, Ontario – September 13, 2024 – Goliath Resources Limited (TSX -V: GOT) (OTCQB: GOTRF) (FSE:
B4IF) (the “Company” or “Goliath”) is pleased to announce it has increased the previously announced non-
brokered flow through financing from $12,750,000 to $14,725,000 with strategic investor Mr. Larry Childress
buying 1,000,000 common shares through Childress Family LP.
In addition, Goliath has closed $9,562,308 in the first tranche of the flow through financing and a strategic
Global Commodity Group based in Singapore has completed their purchase of 1,600,000 common shares
increasing its stake in Goliath to 3.5%. The final tranche is expected to close in September 2024.
About Mr. Larry Childress
Mr. Childress has an MS Degree in Mining Engineering . He started an oil exploration company in 1980
discovering several major oilfields in western Kansas. Mr. Childress has been investing in mineral projects at
various stages for over 40 years and is currently the second largest shareholder in Fireweed Metals, after the
Lundin Family, holding ~22 million shares. Other major holdings include: Filo, WA1 Resources and Hercules
Metals. He was the second largest shareholder in Noront Resources when they were taken out by Wyloo at a
significant premium to market.
Offering Details
The non-brokered private placement is a combination of: (i) Charity Flow-Through shares (CFT) to be sold at
a price of $1.975 each with no warrant and the Flow-Through shares (FT) to be sold at a price of $1.44 each
with no warrant. These shares will qualify as a flow-through share within the meaning of Subsection 66(15)
of the Income Tax Act (Canada) . The first tranche consisted of 3,018,000 CFT shares for gross proceeds of
$5,960,550 and 2,501,221 FT shares for proceeds of $3,601,758 for aggregate proceeds of $9,562,308.
The Company intends to use the proceeds for general operating expenses and exploration related programs
on its properties located in and around the Golden Triangle of northwestern British Columbia.
The proceeds from the FT offering will be used for Canadian exploration expenses as such term is defined in
paragraph (f) of the definition of Canadian exploration expense in Subsection 66.1(6) of the tax act, flow -
through mining expenditures as defined in Subsection 127(9) of the tax act that will qualify as flow-through
mining expenditures, and B.C. flow -through mining expenditures as defined in Subsection 4.721(1) of the
Income Tax Act (British Columbia), which will be incurred on or before Dec. 31, 2025, and renounced with an
effective date no later than Dec. 31, 2024. British Columbia Super Flow - the B.C. mining flow-through share
(B.C. MFTS) tax credit allows BC Residents who invest in flow -through shares to claim a provincial non -
refundable tax credit of 20% of their B.C. flow -through mining expenditures. B.C. flow -through mining
expenditures are specific exploration expenses incurred by a PBC and renounced by a corporation issuing the
flow-through shares.
Goliath paid finders' fees on certain orders in connection with this first tranche composed of 6% cash totaling
$184,663.09 and 6% finder warrants for a 12 month period totaling 103,093 (67,680 finder warrants priced
at $1.2 6 and 35,413 finder warrants priced at $1. 44), subject to compliance with the policies of the TSX
Venture Exchange. All securities issued and sold under the offering will be subject to a hold period expiring
four months and one day from their date of issuance. Completion of the offering and the payment of any
finders' fees remain subject to the receipt of all necessary regulatory approvals, including the approval of the
TSX Venture Exchange.
About Goliath Resources Limited
Goliath Resources Limited is an explorer of precious metals projects in the prolific Golden Triangle of
northwestern British Columbia. All of its projects are in world class geological settings and geopolitical safe
jurisdictions amenable to mining in Canada. Goliath is a member and a ctive supporter of CASERM which is
an organization represents a collaborative venture between Colorado School of Mines and Virginia Tech.
Goliath’s key strategic cornerstone shareholders include Crescat Capital, Mr. Rob McEwen, Mr. Eric Sprott and
a Global Commodity Group based in Singapore.
For more information please contact:
Goliath Resources Limited
Mr. Roger Rosmus
Founder and CEO
Tel: +1.416.488.2887
www.goliathresourcesltd.com
Other
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 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 release contains forward -looking information relating to, among other things,
the ability of the Company to complete 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 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 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
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assumptions contained herein, investors should not place undue reliance on forward -looking information.
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offered or sold within the United Sta tes or to or for the account or benefit of a U.S. person (as defined in
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