Golden Rim adds to its funding porfolio
PERTH (miningweekly.com) – ASX-listed junior Golden Rim Resources has continued its funding trail, announcing on Friday a A$3-million term sheet with Sprott Private Wealth.
Under the terms of the agreement, Golden Rim would place a minimum of 230-million shares, and a maximum of 275-million shares with the North America-based asset management firm, at an issue price of 1.1c each, with one attaching unlisted options for every two shares issued.
Each option would have an exercise price of 1.65c and would expire 36 months after issue.
Golden Rim told shareholders on Friday that the funds raised would be used to further gold exploration in Burkina Faso, and to fund the company’s working capital requirements.
Exploration work would be focused on the Korongou tenements, which cover about 16 km of the Samira Hill greenstone belt. Golden Rim’s previous drilling at the tenement identified more than 20 sub-parallel gold mineralised zones within a 1.2-km-wide corridor.
Meanwhile, the company would also continue to evaluate development pathways for its Balogo project, including securing funding to conduct a bankable feasibility study. Until the funding was secured, the study would be on hold.
In May this year, Golden Rim welcomed fellow-listed Aurora Minerals as a cornerstone investor, after that company provided A$3-million in funding in return for a 19.96% shareholding in Golden Rim.
The company in February also raised nearly A$500 000 in a share placement.
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