Goliath Increases Private Placement up to $8,600,000 After Receiving Significant Strategic and Institutional Orders

TORONTO, Sept. 20, 2023 (GLOBE NEWSWIRE) -- Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF) (the “Company” or “Goliath”) is pleased to report it has upsized the previously announced non-brokered private placement has been upsized to a total of $8,600,000. Mr. Rob McEwen and Crescat Capital LLC have both agreed to make a strategic investment in Goliath through this placement.

Based on the exceptional drilling results during the 2023 season, Goliath successfully secured a total of 6 diamond drill rigs and expanded the program from 18,000 to ~34,000 meters. 100% of all holes drilled in 2023 intersected mineralization over a 1.8 square kilometer area, were 42% of 89 holes encountered visible gold and several intercepted abundant visible gold up to 1% in diamond drill core.

Mr. Rob McEwen has agreed to subscribe for $1,000,000 of NFT units from an entity controlled by him. He is the founder and former Chairman of Goldcorp where he discovered, built, and operated the Red Lake Mine in Ontario which was acquired by Newmont Mining in 2019 for US$10 billion. Mr. McEwen is currently the Executive Chairman and Chief Owner of McEwen Mining Inc.

Goliath’s largest shareholder, Crescat Capital, who currently owns ~18% (P/D) of the issued and outstanding common shares of the Company, will be participating in the Offering pursuant to a pre-emptive right granted to them by the Goliath.

Goliath intends to raise up to $8,600,000 through a non-brokered private placement in a combination of: (i) Approximately 5,555,555 Non-Flow-Through units to be sold at a price of $0.63 per NFT unit. Each NFT unit will consist of one common share of the Company and one-half purchase warrant, entitling the holder thereof to purchase one common share for every whole warrant for a period of 18 months from the date of issuance at an exercise price of $0.78; (ii) Approximately 4,100,000 Charity Flow-Through units to be sold at a price of $1.00 per CFT unit. Each CFT unit will consist of one common share that will qualify as a flow-through share within the meaning of Subsection 66(15) of the Income Tax Act (Canada) plus one-half purchase warrant entitling the holder thereof to purchase one common share for every whole warrant for a period of 18 months from the date of issuance at an exercise price of $0.78; and (iii) Approximately 1,500,000 Flow-Through shares to be sold at a price of $0.67 and will be composed of one common share that will qualify as a flow-through share within the meaning of Subsection 66(15) of the Income Tax Act (Canada).