Canadian precious metals project developer Goliath Resources has increased the non-flow-through portion of its previously announced nonbrokered private placement and strategic investment, from $500 000 as at July 16, to $1.2-million as a result of significant investor demand.
This will provide $1.95-million of gross proceeds to the company inclusive of the $750 000 flow-through portion that is fully subscribed.
The investment syndicate is led by new resource focused merchant bank Palisades Goldcorp.
The flow-through funding will comprise 3.26-million flow-through units, priced at $0.23 each, for gross proceeds of $750 000.
Upon completion of the flow-through offering, it is expected that the Palisades syndicate will acquire all 3.26-million follow-through units. Each follow-through unit will consist of one flow-through common share plus one warrant to buy one common share at $0.25 for five years.
The non-flow-through funding will comprise up to six-million non-follow-through units priced at $0.20, for gross proceeds of up to $1.2-million.
Each non-follow-through unit will consist of one common share plus one warrant to buy an additional common share at $0.25 for five years.
Goliath is developing projects in the Abitibi Greenstone Belt, in Quebec, and in the Gold Triangle in British Columbia.