Golden Goliath Resources Ltd.: Financing Amended
14 Dicembre 2009 - 10:41PM
Marketwired
Golden Goliath Resources Ltd. (TSX VENTURE: GNG)(PINK SHEETS:
GGTH-F) -
The Company announces an amendment to a private placement
previously announced October 5, 2009. The total number of units is
increased from 20,000,000 to 25,000,000 units at a price of $0.15
per unit. Each unit will consist of one common share and one half
of one share purchase with each whole warrant entitling the holder
to purchase one additional common share for a period of two years
at a price of $0.25. Once resale restrictions on the Shares having
expired and upon Golden Goliath's shares trading at or above a
weighted average trading price of $0.40 for 20 consecutive trading
days, Golden Goliath may give notice that the Warrants will expire
30 days from the date of providing such notice (in writing to
Warrant holders and via a news release). The proceeds will be
primarily used to expand the mineral resource at the Company's Las
Bolas property and to work on the new Filo do Oro zone on the east
side of the Las Bolas property. The exploration program is being
designed to expand the existing inferred resource and test the
potential target. The program will include underground development,
surface and underground drilling and continued rehabilitation of
old underground workings.
In addition, a portion of the proceeds of the financing will be
earmarked for working capital and to continue advancing the mineral
potential of various other targets within the Company's extensive
claim holdings covering the historic Uruachic mining camp in the
Sierra Madre mountain range of northwestern Mexico.
The financing is subject to regulatory approval. Finders' fees
of 8% cash and 8% warrants having the same terms as the warrants
under the Units may be paid.
About Golden Goliath
Golden Goliath Resources Ltd. is a junior exploration company
listed on the TSX Venture Exchange (symbol GNG). The Qualified
Person for the Uruachic project is J. Paul Sorbara M.Sc., P.Geo.
The Company is focused on exploring and developing the gold and
silver potential of an historic mining camp located in the world
famous Sierra Madre Occidental Mountains of northwestern Mexico.
Golden Goliath's Uruachic claims are owned 100% by the Company and
are fully paid for with no property option or purchase payments to
make.
To find out more about Golden Goliath visit our website at
www.goldengoliath.com.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: Golden Goliath Resources Ltd. J. Paul Sorbara, M.Sc.,
P.Geo President & CEO +1 (604)-682-2950 jps@goldengoliath.com
www.goldengoliath.com
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