More that 7.36m C$ to be raised
This makes sense: Shortly after successful gold explorer Goliath Resources (WKN A2P063 / TSXV GOT) announced that it will expand the drill program on the Golddigger project from 15,000 to 36,000 meters in 2024 in view of its great success so far, the company announces a financing.
It was only at the end of August that Goliath completed a placement totaling around CAD 5.4 million, of which a strategic, globally active commodities group based in Singapore alone took more than CAD 2 million. The same Singapore-based commodities group has now agreed to acquire a further 1.6 million Goliath shares in the new financing round. This company now holds 3.6% of the outstanding Goliath shares after completion of the transaction!
However, while the last financing round consisted of so-called “hard dollars” and was carried out at CAD 1.11 per share, the new placement totaling CAD 7,366,750 is different. This is made up of a) charity flow-through charity shares (CFT) – without a warrant (!) – issued at an average price of CAD 1.975 per share, and b) flow-through shares (FT) – without a warrant – issued at a price of CAD 1.44 per share.
The intended use is clear, as capital raised in this way may only be used for exploration activities, in Canada. This means that Goliath, together with the latest financing and the remaining funds from previous placements, should be in an excellent financial position to realize its plans once the current financing round closes. We expect this to be sooner rather than later given the recent news from the giant Golddigger project (We reported.).
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