FULL DISCLOSURE: Goliath Resources is a sponsor of theDeepDive.ca.
Goliath Resources (TSXV: GOT) has seen a major cornerstone investor increase their stake in the company. Renowned mining executive Rob McEwen has increased his stake further in the company via the exercise of warrants.
McEwen has increased his direct ownership in Goliath to 4.4 million shares, following the exercise of outstanding warrants for gross proceeds of $1.2 million. Following the exercise, Rob McEwen has seen his ownership interest in Goliath increase to 2.6%.
“We want to thank the continued support of all our cornerstone strategic and long term investors, specifically Rob McEwen for the exercise of his warrants. The funds received of $1,214,285 will further enhance and strengthen Goliath’s already healthy financial position,” commented Roger Rosmus, CEO of Goliath Resources.
McEwen also holds exposure to Goliath Resources through his McEwen Inc, which he holds a 15% interest in. McEwen Inc is also a cornerstone investor in Goliath, holding a roughly 4.5% interest in the company via holdings of 5.2 million common shares and 2.59 million warrants. Those warrants, which expire in March 2026, contain a strike price of $2.50 a share and represent up to $6.5 million in gross proceeds for Goliath if exercised.
Goliath Resources last traded at $2.37 on the TSX Venture.
FULL DISCLOSURE: Goliath Resources Limited is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Goliath Resources Limited. The author has been compensated to cover Goliath Resources Limited on The Deep Dive, with The Deep Dive having full editorial control. This is not a recommendation to buy or sell. We may buy or sell securities of the company at any time. Always do additional research and consult a professional before purchasing a security.
