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Goliath ends oversubscribed flow-through through a total of $ 14,609,749 in funding with strategic and institutional investors, Canadian Business Journal

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Toronto, March 16, 2022 (GLOBE NEWSWIRE) — Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (“Company” or “Gorius”) We are pleased to announce that the second and final tranche of $ 778,400 in an oversubscribed private placement of flow-through units has ended with a total of $ 14,609,749, including tranche 1, with the participation of strategic and institutional investors. Includes Crescat Capital LLC (“Crescat”). Each flow-through unit sold for $ 1.19.

These funds will be used for a significantly larger 2022 drill campaign from 18,000 meters to about 24,000 meters planned in the 100% managed Gold Digger Property Slebet Zone in the Golden Triangle, British Columbia. increase. The planned drill campaign includes about 85 holes from 24 pads, testing the outer edge of the Surebet zone, and discovering the potential size of the system and the newly discovered adjacent to the southeast. Determine the extended target.

Goliath’s strategic investor, Cresca, has the option of participating in our future financing to maintain its profits as long as it holds at least 3% of the outstanding common stock issued.

“This funding puts Goliath Resources in the best position to implement an aggressive 2022 diamond drilling program at Surebet,” commented Dr. Quinton Hennigh, Director of Geology and Technology at Crescat Capital. .. “This year’s program is designed to draw a very large footprint (1 to 1.5 million square meters) of a moderately westward sloping threaded zone with the aim of generating initial resources. 2021 As seen in the excavation, the true width of this mineralized zone averages about 6 meters and the weighted average grade of the drill intercept is 6.3gptAuEq. This is a big prize and justifies a big drill program. Is easy to see. I’m very excited to see this next drilling program start in June. “

On February 11, 2022, Goliath announced an unmediated flow of $ 11,000,000 through the financing of units, each priced at $ 1.19 (“FT unit”) With the involvement of strategic and institutional investors. We then raised up to $ 14,610,000 on February 22, 2022 and March 7, 2022. Each FT unit consists of a warrant that purchases one flow-through common stock and one non-flow-through common stock for $ 1.30 for 24 months.

We pay a finder fee equivalent to 7% of the total revenue from some of the funding in cash, with a 7% finder guaranteeing a warrant equal to the number of units sold in accordance with the policies of the TSX Venture Exchange. .. The proposed private placement and finder fees are subject to TSX Venture Exchange approval. All shares issued by offering (including shares issued to Finder) and shares issued by exercising warrants are subject to a four-month holding period from the closing date. We paid a total of $ 461,792 in Finder’s Fee and $ 645,710 in Finder’s Warrant. Warrants have the same conditions as the warrants that come with the units sold.

In addition, the Company has granted board members and consultants stock options totaling 1,455,000 shares of the Company’s common stock. These stock options are available for CDN $ 1.00 and will expire on March 17, 2027. All stock options are subject to the terms of our stock option plans.

About Crescat Capital LLC

Crescat is a global macro asset management company headquartered in Denver, Colorado. Crescat’s mission is to grow and protect wealth over the long term by developing tactical investment themes based on its own value-driven equity and macro models. Crescat’s goal is industry-leading absolute and risk-adjusted returns over a complete business cycle that are poorly correlated with general benchmarks. Crescat’s investment process includes a combination of asset classes and strategies to support each client’s unique needs and objectives, including global macro, long / short, and precious metal funds.

Crescat is advised by Dr. Quinton Hennigh, Director of Geology and Technology, on investing in gold and silver resource companies. Dr. Henny became a depositor after earning a PhD in Geology / Geochemistry from the Colorado School of Mines. He has over 30 years of exploration experience at major gold mining companies such as Homestake Mining, Newcrest Mining and Newmont Mining. Dr. Henny recently founded Novo Resources Corp. and is currently co-chairing it. His notable project involvement includes the Springpole Gold Deposit in First Mining Gold in Ontario, the acquisition of Kirkland Lake Gold in the Fosterville Gold Mine in Australia, the Rattlesnake Hills Gold Deposit in Wyoming, and the Lion One Tsubatsu in Fiji. There are gold projects and so on.

Qualified person

Rein Turna P. Geo is a Qualified Person in the Goliath Resources Limited project as defined in National Instrument 43-101, who oversaw, reviewed and approved the preparation of the technical information for this release.

About Goliath Resource Limited

Goliath Resources Limited is an explorer of precious metal projects at the prolific Golden Triangle in northwestern British Columbia and the Abitibi Greenstone Belt in Quebec. All of its projects are located in a world-class geological environment and geopolitical safe jurisdiction suitable for Canada’s mining industry.

For more information, please contact:
Goliath Territory Limited

Roger Rothmus
Founder and CEO
Tel: +1.416.488.2887
roger@goliathresources.com
https://goliathresourcesltd.com

Neither the TSX Venture Exchange nor its regulatory service provider (the term is defined in the TSX Venture Exchange Policy) is responsible for the validity or accuracy of this release.

The specific statements contained in this news release make up information about the future outlook. These statements relate to future events or future performance. Use of words such as “possible”, “intended”, “expect”, “believe”, “do”, “predicted”, “estimated”, and non-historical facts Similar expressions and statements that are relevant identify information about future prospects and are based on Goliath’s current beliefs or assumptions about the consequences and timing of such future events. Actual future results can vary significantly. In particular, this news release contains information on the future outlook, among other things, about the company’s ability to complete financing and build value for shareholders in developing mining assets. Various assumptions and factors usually apply when drawing conclusions and making forecasts and forecasts for information about future prospects. These assumptions and factors are based on the information currently available to Goliath. While such statements are based on management’s reasonable assumptions, there is no guarantee that the proposed transaction will occur or will be completed under the above conditions if the proposed transaction occurs.

The forward-looking information contained in this news release is current as of this document, and Goliath may provide forward-looking information, except where applicable, as new information, future events, or other consequences. We are not obligated to update or revise. Securities law. Due to the risks, uncertainties, and assumptions contained here, investors should not place excessive reliance on information about future prospects. The above statement explicitly qualifies the forward-looking information contained herein.

This announcement does not constitute an offer, invitation, or recommendation for an offer or purchase of securities, and this announcement or anything contained therein does not form the basis of a contract or commitment. In particular, this announcement does not constitute an offer to sell or buy securities in the United States or any other jurisdiction in which such an offer is illegal.

The securities mentioned here have not been and will not be registered under the Securities Act of 1933 (the “US Securities Act”) or the State Securities Act. Registered or registered under the US Securities Act and applicable state securities laws for the purposes of US or American accounts or interests (as defined in Regulation S of the US Securities Act). Unless an exemption is available.

It is not intended for dissemination in the United States or distribution to the Newswire Services in the United States and does not constitute the provision of the securities listed herein.


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Goliath ends oversubscribed flow-through through a total of $ 14,609,749 in funding with strategic and institutional investors, Canadian Business Journal

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