Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (Frankfurt: B4IF) is pleased to announce a non-brokered private placement and strategic investment by Mr. Eric Sprott through 2176423 Ontario Ltd. for a total of $2,000,000 representing a 8.5% stake in the Company post financing. Crescat Capital LLC will be participating in this offering to maintain their 9.9% interest.
The offering will consist of 4,189,090 units priced at $0.55 for gross proceeds of $2,304,000. Each Unit will consist 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 month hold period has expired and its common shares close at or above $1.50 for a period of 20 consecutive trading days. It is anticipated that the close will take place during the first week of March 2021.
“We are extremely pleased to welcome Mr. Eric Sprott as a new and significant shareholder in Goliath. We appreciate Eric recognizing the potential upside for the Company and we look forward to his continued support as well as Crescat. This investment is a strong testament to all the hard work and dedication in the field that has led us from a concept to the new Surebet high-grade gold-silver discovery in the Golden Triangle, BC. Goliath has caught the attention of institutions, senior miners, and the technical community with the of addition of Dr. Quinton Hennigh as its technical advisor. We are fully funded for the 2021 inaugural drill program at Surebet and look forward to kicking off our program in Q2.”
The Company will not be paying any finder’s fees in relation to this offering. This non-brokered private placement is subject to TSX Venture Exchange approval. 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.
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 (TSXV: NVO) 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 a junior explorer of precious 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.
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