TORONTO, June 01, 2018 (GLOBE NEWSWIRE) -- Goliath Resources Limited (TSX-V:GOT)
(Frankfurt:B4IE) (the “Company" or “Goliath”) is pleased to announce the close of an additional oversubscribed
non-brokered private placement of $1,645,855 from institutions and accredited investors in Canada. This financing is in addition to
the closing of the $1,423,581 funding announced on April 23, 2018 for combined gross proceeds totaling $3,069,436.
Mr. Roger Rosmus, CEO states:
“We are very pleased to have raised additional funding representing a total of $3,069,436 over the last five
weeks. It is truly a testament to the quality of our highly prospective assets that all have new discoveries and drill ready
targets for 2018. We are fully funded to execute our business plan this year and wish to thank the local and overseas institutions
as well as the several accredited investors for their support from both private placements.”
The offering consisted of flow-through units (each an "FT Unit") at the price of $0.15 and non-flow-through
units (each an "NFT Unit") at the price of $0.11. Each FT Unit will be comprised of one common share which is a "flow-through"
share for Canadian income tax purposes and one share purchase warrant (each full warrant a "$0.30 Warrant"). Each $0.30 Warrant
will entitle the holder to purchase one additional common share which is not a "flow-through" share at the price of $0.30 for 24
months after Closing. Each NFT Unit will be comprised of one common share which is not a "flow-through" share and one share
purchase warrant (each a "$0.22 Warrant"). Each $0.22 Warrant will entitle the holder to purchase one additional common
share which is not a "flow-through" share at the price of $0.22 for a period of 24 months after Closing. If at any
time after four months after the date of completion of the offering the Company's Shares have a closing price equal to or higher
than $0.44 or $0.60 per Share for ten (10) consecutive trading days on the TSX-V (as defined herein), the Company shall
thereafter be entitled to give notice to the holders of all
$0.22 Warrants or the $0.30 Warrants respectively, by news release, that such warrants will expire at
4:30 p.m. (Toronto time) on that date which is 30 days after the date of such news release unless exercised before the
expiry of that period. The completed financing consisted of $1,295,775 of flow-through units and $350,080 of non-flow-through
units.
The Company will pay Finders Fees equal to 7% of the gross proceeds from a portion of the
financing in cash, and 7% Finders Warrants equal to the number of units sold in accordance with the policies of the
TSX Venture Exchange. The proposed private placement and Finders Fees are subject to TSX Venture Exchange acceptance. All
shares issued pursuant to the offering (including shares issued to finders) and any shares issued pursuant to the exercise of
warrants will be subject to a four-month hold period from the closing date. The Company will pay a total of $95,532 in Finders
Fees, 570,150 and 131,778 in Finders Warrants in relation to the flow-through and non-flow through units sold respectively. These
warrants are priced and have the same terms as the warrants attached to the respective units sold.
In addition, the Company has granted stock options for a total of 900,000 common shares of the Company to
consultants. These stock options are exercisable at CDN $0.20 each and will all expire on June 1, 2023. All stock options are
governed by the terms and conditions of the Company's stock option plan.
About Goliath
Goliath Resources Limited is a project generator of precious metals projects focused in the prolific Golden
Triangle and surrounding area of northwestern British Columbia. It controls 100% four highly prospective properties that include
Bingo, Golddigger, Lucky Strike and Copperhead covering over 44,000 hectares. All four properties
have brand new discoveries that all have returned anomalous gold, silver and/or copper in grab and channel samples from
exposed bedrock at surface. These new discoveries occurred in an area of glacial recession and snowpack melting
in a geological setting where world class deposits have been found within the Golden Triangle and surrounding area.
Further information regarding Goliath Resources Limited can be found at:
www.goliathresourcesltd.com
Contact Information:
Roger Rosmus
Chief Executive Officer
roger@goliathresources.com
+1-416-488-2887 x222
Neither the 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.
