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Goliath Resources Announces Closing of LIFE Offering Including the Full Exercise of Underwriters' Option for Gross Proceeds of $23,003,105

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

TORONTO, June 16, 2025 (GLOBE NEWSWIRE) -- Further to its news releases dated May 29, 2025, June 2, 2025, and June 9, 2025, Goliath Resources Limited (TSXV:GOT) (OTCQB:GOTRF) (Frankfurt: B4IF) (the "Company" or "Goliath") is pleased to announce that it has closed its "bought deal" private placement of 7,256,500 common shares of the Company (the "Charity Flow-Through Shares") at a price of C$3.17 per Charity Flow-Through Share for aggregate gross proceeds of C$23,003,103, including the exercise in full of the over-allotment option granted to the Underwriters (as defined herein) (the "Offering").

The Company's previously announced concurrent non-brokered private placement of up to 1,281,545 Charity Flow-Through Shares at a price of C$3.17 per Charity Flow-Through Share for aggregate gross proceeds of up to C$4,062,500 (the "Concurrent Offering") is expected to be completed shortly. The Charity Flow-Through Shares issued pursuant to the Concurrent Offering will be subject to a hold period expiring four months and one day from the date of issuance.

The Offering was led by Stifel Nicolaus Canada Inc., in its capacity as lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters that included CIBC World Markets Inc. and Cormark Securities Inc. (collectively, the "Underwriters"). In consideration for services provided by the Underwriters in connection with the Offering, the Underwriters received compensation consisting of: (i) a cash commission equal to 6.0% of the gross proceeds raised under the Offering; and (ii) an aggregate 435,390 common share purchase warrants of the Company (the "Broker Warrants"), representing 6% of the number of Charity Flow-Through Shares sold under the Offering. Each Broker Warrant is exercisable to acquire one common share of the Company at a price of C$2.12 per common share until June 16, 2027. For the avoidance of doubt, the cash commission was paid by the Company using existing cash on hand and not the gross proceeds of the Offering.

As previously disclosed, the Company intends to use the gross proceeds of the Offering to advance the exploration of the Company's flagship Golddigger-Surebet Project. The proceeds from the sale of the Charity Flow-Through Shares will be used to incur exploration expenses that ...