08:28 AM EDT, 09/04/2024 (MT Newswires) -- Goliath Resources ( GOTRF ) on Wednesday said it is raising $10.12 million in a private placement of flow-through and charity flow-through shares to fund exploration of its properties in the Golden Triangle region in northern British Columbia.

The company said it is seeking $7.37 million in the offering of an unspecified number of charity flow-through shares priced at $1.975 each. Buyers receive the tax benefits of the shares while donating the securities to a charity that can resell them.

The remainder of the offering will be from the sale of flow-through shares priced at $1.44. The company, again, did not specify the number of the tax-advantaged shares on offer.

Goliath also said Singapore-based Global Commodity Group will purchase 1.6 million shares to raise its stake to 3.6%. It did not say if the investment was part of the private placement or specify the price per share the investor is paying.

The company has an existing $6.5-million private placement still open. It raised $5.41 million in an initial tranche of flow-through and common shares, with a second tranche expected to close early this month.

The company's shares closed down $0.01 to $1.26 Tuesday on the TSX Venture Exchange.