08:08 AM EDT, 09/13/2024 (MT Newswires) -- Goliath Resources ( GOTRF ) said on Friday that it increased the size of its previously announced flow through financing to $14.7 million from $12.8 million.

The company said strategic investor Larry Childress is buying 1 million shares through Childress Family LP.

Goliath also closed the first trance of the financing for about $9.6 million in proceeds. A Singapore-based commodity group completed its purchase of 1.6 million shares in the company, increasing its stake in to 3.5%. Goliath expects to close the final tranche of the financing this month.

The company plans to use the proceeds for general operating expenses and exploration on its properties in British Columbia's Golden Triangle.

Goliath's share price climbed 7.8% yesterday to $1.25 on the TSXV.