TORONTO, Dec. 02, 2020 (GLOBE NEWSWIRE) -- Goliath Resources Limited (TSX-V: GOT) (FSE: B4IF) (OTCQB: GOTRF) (the “Company” or “Goliath”) is pleased to announce amended terms of the option agreement to earn a 100% interest in the Lucky Strike property (the “Property”).
The requirements to make all future cash property payments totalling $719,313, incurring $14,000,000 of minimum work commitments and delivering a NI 43-101 technical report which would include any resources calculation of gold equivalent minerals delivered by December 31, 2027 to earn a 100% interest in the Property have been removed entirely.
In their place, subject to TSXV approval, the Company will issue 1,300,000 shares and 1,300,000 warrants in order to immediately earn a 49% interest in the Property. The warrants will be priced at $0.22 for a 60 month period from the date of issuance.
To earn an additional 51% for a 100% interest in the Property, Goliath will need to spend a minimum of $5,000,000 in drilling on or before December 31, 2029 and deliver a NI 43-101 technical report which would include any resources calculation of gold equivalent minerals by December 31, 2030. In addition, the 1% NSR buy back provision date has been extended from December 31, 2027 to December 31, 2029.
For more information please contact:
Goliath Resources Limited
Mr. Roger Rosmus
President and Chief Executive Officer
Tel: +1 416 488 2887 (x222)
Goliath Resources Limited "Goliath" has taken all reasonable care in producing and publishing information contained in this news release and will endeavor to do so on a periodic basis. Material in this news release may still contain technical or other inaccuracies, omissions, or typographical errors, for which Goliath assumes no responsibility. Goliath does not warrant or make any representations regarding the use, validity, accuracy, completeness or reliability of any claims, statements, or information on this site. Under no circumstances, including, but not limited to, negligence, shall Goliath be liable for any direct, indirect, special, incidental, consequential, or other damages, including but not limited to, loss of programs, loss of data, loss of use of computer of other systems, or loss of profits, whether or not advised of the possibility of damage, arising from your use, or inability to use, the material from this news release. The information is not a substitute for independent professional advice before making any investment decisions. Furthermore, you may not modify or reproduce in any form, electronic or otherwise, any information on this site, except for personal use unless you have obtained our express written permission.
This news release contains forward-looking statements, including but not limited to comments regarding predictions and projections. More particularly, this document contains statements concerning the proposed amendment of the Lucky Strike option agreement pursuant to which the Company has the right to earn an initial 49% interest in the Property. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), nor the OTCQB Venture Market accepts responsibility for the adequacy or accuracy of this release.
This announcement does not constitute an offer, invitation, or recommendation to subscribe for or purchase any securities and neither this announcement nor anything contained in it shall form the basis of any contract or commitment. In particular, this announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States, or in any other jurisdiction in which such an offer would be illegal.
The securities referred to herein have not been and will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), or under the securities laws of any state or other jurisdiction of the United States and may not be offered or sold, directly or indirectly, within the United States, unless the securities have been registered under the Securities Act or an exemption from the registration requirements of the Securities Act is available.