08:11 AM EDT, 10/03/2024 (MT Newswires) -- Goliath Resources ( GOTRF ) said on Thursday that it closed the final tranche of its flow through financing to raise about $16.1 million in proceeds.

The company said the funds allowed it to increase its drilling program to up to 36,000 meters from 15,000 meters. Goliath owns precious metals projects in British Columbia's Golden Triangle.

"We are delighted to have received significant ongoing financial support from institutional investors Crescat Capital, and a Singapore-based Global Commodity Group," said Goliath Founder and CEO Roger Rosmus. "In addition, we are very pleased that mining legend Rob McEwen has participated for his third investment into Goliath. We would also like to welcome Larry Childress as a new shareholder with his sizable initial investment into Goliath."

The offering comprised charity flow-through shares sold at a price of $1.975 each and flow-through shares priced at $1.44 apiece.

Goliath rose 6.7% yesterday to a near-52 week high of $1.27 on the TSXV.