08:00 AM EDT, 03/10/2025 (MT Newswires) -- Goliath Resources ( GOTRF ) said Monday that McEwen Mining ( MUX ) has closed its $10 million investment in the company through a private placement.

Under the terms, Goliath issued 5,181,347 units at $1.93 apiece in exchange for 868,056 McEwen shares at $11.52 apiece.

Each unit comprises one Goliath share and one-half of one warrant. Each full warrant is exercisable at $2.50 per share for 12 months.

Upon closing, McEwen owns 5.4% of Goliath and Rob McEwen, its chairman and chief owner, owns 3.9% of Goliath on a partially diluted basis.

"Mr. McEwen has made three personal investments in Goliath, and we are delighted to have him and his company as key strategic cornerstone shareholders," said Roger Rosmus, Goliath's founder and CEO.

Goliath owns the Surest gold discovery in British Columbia.