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Asset management firm Crescat Capital has agreed to purchase a stake of up to 19.9% in Canadian precious metals exploration company Goliath Resources.

This follows the funding of the $11 million non-brokered private placement, which was recently announced by Goliath.

The financing involved the placement of flow-through units for gross proceeds of C$11m.

Crescat will have an option to take part in Goliath’s future financings to maintain its stake. This would be conditional on Crescat holding more than 3% of the issued and outstanding common shares in Goliath.

Goliath plans to use financing proceeds to fund its 2022 drill campaign planned at the Surebet Zone at the Golddigger Property in the Golden Triangle, British Columbia.

Drilling at the Surebet high-grade polymetallic gold-silver shear zone will test its outer extremities to assess the potential size of the system.

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By GlobalData

Following a 5,332m maiden drill campaign in 2021 at the zone’s 24 holes, Goliath discovered significant high-grade gold-silver mineralisation with a strike length of more than 1km and a 1.1km down-dip extension on the Surebet discovery.

According to Goliath, the maiden drill campaign confirms the extensive scale and continuity of a high-grade gold-silver polymetallic system at the property.

Last year, Canadian billionaire Eric Sprott made a strategic investment of C$2m via a non-brokered private placement in Goliath Resources.

This represents an 8.5% interest in Goliath post-financing.

Goliath Resources is engaged in exploring precious metals projects in the prolific Golden Triangle, and Abitibi Greenstone Belt of Quebec.