Golden Goliath closes 1st tranche of financing for Red Lake Kwai exploration

Golden Goliath Resources Ltd. has announced that the first tranche of the recently announced private placement has closed. These funds will be used to continue drilling on the Company's Kwai property in the Red Lake mining district. 

The financing consists of a combination of flow-through units priced at $0.15 with a half warrant priced at $0.25 and non flow-through units priced at $0.12 with a full warrant priced at $0.25. Each full warrant will entitle the holder to purchase an additional common share at a price of $0.25 for a period of 24 months from the date of closing of the private placement. Once resale restrictions on the Shares having expired and upon Company's shares trading at or above a weighted average trading price of $0.45 for 20 consecutive trading days, the Company 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 first tranche consisted of 1,075,000 non flow- through units and 533,332 flow- through units, for a gross proceed of $209,000. Shares issued pursuant to this closing tranche will be subject to a hold period of four months and a day.

About Golden Goliath

Golden Goliath Resources Ltd. is a junior exploration company listed on the TSX Venture Exchange (symbol GNG). The Company is focused on exploring and developing the gold and silver potential of properties in the Red Lake District of Ontario. The Company also holds a 100% interest in the San Timoteo property, located in the Sierra Madre Occidental Mountains of northwestern Mexico, as well as NSR royalties on several other nearby properties.

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