Ex-Goldcorp CEO Rob McEwen now holds 2.5% strategic stake in Goliath Resources
Goldcorp founder and former chairman and chief executive officer Rob McEwen now holds a 2.5% strategic equity stake in Goliath Resources (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF).
As reported, McEwen, through his personal holding company, subscribed for 1,000,440 NFT units at a price of $0.63 for a total of 1,588,000 units. The placement is in two tranches and has been increased from the original $5,000,000 to $8,600,000.
The gross proceeds of the first tranche are $4,115,616 and the second and final tranche of up to $4,484,384 in gross proceeds is expected to close on or about 11 October 2023. Goliath’s largest shareholder, Crecat Capital, has subscribed $500,220 for a total of 794,000 NFT units. Once the second tranche is completed, Crescat will own ~18.4% of Goliath.
Conclusion: Rob McEwen's entry into Goliath Resources sends a highly visible signal to the market: something really big could be happening at Goliath. Not least the latest results from the so-called Golden Gate Feeder Zone on the Golddigger project may have played a role in the investment decision. McEwen benefits from the fact that the capital market for gold juniors is extremely difficult at the moment. At CAD 0.63, he has secured an entry at a share price that shareholders were already paying in 2021, when not even a fraction of the potential of Goliath's Golddigger project was visible. There simply is a reason why McEwen is one of the 100 richest Canadians. Goliath's current share price is CAD 0.80, which corresponds to a market value of around CAD 68 million.
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