08:20 AM EDT, 09/12/2024 (MT Newswires) -- Goliath Resources ( GOTRF ) on Thursday said it is increasing the size of its a private placement of flow-through and charity flow-through shares to $12.8 million, up from its previous $10.1-million target.

The company is offering charity flow-through shares priced at $1.975 each and flow-through shares priced at $1.44. It did not specify how many of each type it expects to place in the financing.

Rob McEwen, chief executive of McEwen Mining ( MUX ) , will buy 800,000 of the tax-advantaged shares on offer, raising his stake in Goliath to 3.8% on a partially diluted basis. The company did not say if McEwen is acquiring the charity shares or common flow-through shares.

Goliath will use the proceeds to fund exploration on its British Columbia mineral properties.

On Wednesday, the company's shares closed down $0.02 at $1.16 on the TSX Venture Exchange.