Vancouver, British Columbia--(Newsfile Corp. - April 28, 2023) - Golden Goliath Resources Ltd. (TSXV: GNG) (OTC Pink: GGTHF) (FSE: GGZ) - The Company announces that its Board of Directors has approved a consolidation of the Company's issued share capital on the basis of seven (7) common shares for one (1) new share of the Company (the "Consolidation"). The Company currently has 152,937,019 common shares outstanding and will have 21,848,145 common shares outstanding after completion of the Consolidation, subject to rounding and the elimination of any fractional shares resulting from the Consolidation. The number of outstanding stock options and warrants of the Company will similarly be adjusted by the Consolidation ratio, and the exercise prices adjusted accordingly.
The Consolidation is being implemented in order to provide the Company with increased flexibility to seek additional financing opportunities. The Consolidation is subject to Exchange approval. The Company will continue to trade after the Consolidation under the name "Golden Goliath Resources Ltd.". If the Consolidation is approved by the Exchange, the Company will disseminate a further news release which will set out the effective date for the Consolidation.
Upon completion of the Consolidation, a letter of transmittal will be sent by mail to registered shareholders advising that the Consolidation has taken effect. The letter of transmittal will contain instructions on how registered shareholders can exchange their share certificates or DRS statements evidencing their pre-consolidated common shares for new share certificates or new DRS statements representing the number of post-consolidated common shares to which they are entitled. No action is required by non-registered shareholders (shareholders who hold their shares through an intermediary) to effect the Consolidation. The Common Shares are expected to begin trading on the Exchange on a post-Consolidation basis, after the Exchange issues its final bulletin advising of the effective date of the Consolidation.
About Golden Goliath
Golden Goliath Resources Ltd. is a junior exploration company listed on the TSX Venture Exchange (symbol GNG). The Company is focused on exploring and developing the gold and silver potential of properties in the Red Lake District of Ontario. The Company also holds a 100% interest in the San Timoteo property, located in the Sierra Madre Occidental Mountains of northwestern Mexico, as well as NSR royalties on several other nearby properties. To find out more about Golden Goliath visit our website at www.goldengoliath.com.
On behalf of the Board of Directors
Paul Sorbara, MSc, PGeo
CEO, Golden Goliath Resources Ltd.
FOR MORE INFORMATION CONTACT:
Golden Goliath Resources Ltd.
J. Paul Sorbara, M.Sc., P.Geo
President & CEO
Phone: +1(604) 682-2950 Email: jps@goldengoliath.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/164114
