Eric Sprott Takes 8.5% Stake in Goliath Resources Limited
February 10 2021 - 7:45AM
Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF)
(Frankfurt: B4IF) (the
“Company” or
“Goliath”) 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
(“
Crescat”) LLC will be participating in this
offering to maintain their 9.9% interest.
The offering will consist of 4,189,090 units
(“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.
For more information please
contact:
Goliath Resources Limited Mr. Roger
Rosmus President and Chief Executive Officer Tel:
+1-416-488-2887 x222 roger@goliathresources.com
www.goliathresourcesltd.com
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 Company to complete
the 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 events or otherwise,
except as required by applicable securities laws. Because of the
risks, uncertainties and assumptions contained herein, investors
should not place undue reliance on forward-looking information. The
foregoing statements expressly qualify any forward-looking
information contained herein.
This announcement does not constitute an offer,
invitation, or recommendation to subscribe for or purchase any
securities and neither this announcement nor anything contained in
it shall form the basis of any contract or commitment. In
particular, this announcement does not constitute an offer to sell,
or a solicitation of an offer to buy, securities in the United
States, or in any other jurisdiction in which such an offer would
be illegal.
The securities referred to herein have not been
and will not be will not be registered under the United States
Securities Act of 1933, as amended (the “U.S. Securities Act”), or
any state securities laws and may not be offered or sold within the
United States or to or for the account or benefit of a U.S. person
(as defined in Regulation S under the U.S. Securities Act) unless
registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is
available.
NOT FOR DISSEMINATION IN THE UNITED
STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT
CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED
HEREIN.
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