VANCOUVER, CANADA –July 30, 2020: Golden Goliath Resources Ltd. (“Golden Goliath” or the “Company”) is very pleased to announce that the previously announced private placement is oversubscribed and will be increased. Originally announced as $2.5 million, subsciptions totalling $2,631,000 have now been received and the Company will increase the amount by $131,000 to accomodate the existing subscriptions. The first tranche of $2.22 million received Exchange approval on July 28. The second Tranche is expected to close on Tuesday August 4.
As announced, the financing consists of a combination of flow-through units priced at $0.20 with a half warrant priced at $0.30 and non flow-through units priced at $0.15 with a full warrant priced at $0.30. Each full warrant will entitle the holder to purchase an additional common share at a price of $0.30 for a period of 24 months from the date of closing of the private placement. Once resale restrictions on the Shares having expired and upon Company’s shares trading at or above a weighted average trading price of $0.45 for 20 consecutive trading days, the Company may give notice that the Warrants will expire 30 days from the date of providing such notice (in writing to Warrant holders and via a news release).
This private placement is being offered on a non-brokered basis and the Units will be subject to a statutory hold period of four months and a day from the closing date of the Offering. The Company may pay a finder’s fee on a portion of the gross proceeds of the private placement. The Offering remains subject to regulatory approval.
The Company intends to use the net proceeds of the Offering to conduct a drilling program on the Company’s Kwai property in the Red Lake mining district and for general working capital.
On behalf of the Board of Directors
Paul Sorbara, MSc.PGeo
CEO, Golden Goliath Resources
Cautionary Statements Regarding Forward Looking Information
Certain statements included herein may constitute “forward-looking statements”. All statements included in this press release that address future events, conditions or results, including in connection with exploration activity, future acquisitions and any financing, are forward-looking statements. These forward-looking statements can be identified by the use of words such as “may”, “must”, “plan”, “believe”, “expect”, “estimate”, “think”, “continue”, “should”, “will”, “could”, “intend”, “anticipate” or “future” or the negative forms thereof or similar variations. These forward-looking statements are based on certain assumptions and analyses made by management in light of their experiences and their perception of historical trends, current conditions and expected future developments, as well as other factors they believe are appropriate in the circumstances. These statements are subject to risks, uncertainties and assumptions, including those mentioned in the Company’s continuous disclosure documents, which can be found under its profile on SEDAR (www.sedar.com). Many of such risks and uncertainties are outside the control of the Company and could cause actual results to differ materially from those expressed or implied by such forward-looking statements. In making such forward-looking statements, management has relied upon a number of material factors and assumptions, on the basis of currently available information, for which there is no insurance that such information will prove accurate. All forward-looking statements are expressly qualified in their entirety by the cautionary statements set forth above. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
FOR MORE INFORMATION CONTACT:
Golden Goliath Resources Ltd.
J. Paul Sorbara, M.Sc., P.Geo
President & CEO
Phone: +1(604) 682-2950 Email: [email protected]
About Golden Goliath
Golden Goliath Resources Ltd. is a junior exploration company listed on the TSX Venture Exchange (symbol GNG). The Company is focused on exploring and developing the gold and silver potential of properties in the Red Lake District of Ontario. The Company also holds a 100% interest in the San Timoteo property, located in the Sierra Madre Occidental Mountains of northwestern Mexico, as well as NSR royalties on several other nearby properties.
To find out more about Golden Goliath visit our website at www.goldengoliath.com.
FOR MORE INFORMATION CONTACT:
Golden Goliath Resources Ltd.
J. Paul Sorbara, M.Sc., P.Geo
President & CEO
Phone: +1(604) 682-2950 Email: [email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Original Article: https://www.goldengoliath.com/news/2020/golden-goliath-increases-private-placement/
