THE BOURSE WHISPERER: Golden Rim Resources has raised approximately $6.9 million (before issue costs), via a placement.
The company said the funds raised will be used to fund an extensive drilling and exploration program on its gold projects in Burkina Faso and Mali.
The placement consisted of approximately 45.9 million new fully paid ordinary shares at $0.15 per share to institutional and sophisticated investors.
“The company is pleased to have received strong support for the fund raising, given the company is undertaking its largest ever drilling campaign,” Golden Rim Resources managing director Craig Mackay said in the company’s announcement to the Australian Securities Exchange.
“The latest drilling results at our key Balogo project in Burkina Faso, which included 57 metres at 23.3 grams per tonne gold, suggest further work needs to be undertaken.”
In recent months Golden Rim has completed 13,000 metres of a 30,000m RC drilling contract at Balogo and 1,500m of a 4,000m RC drilling contract at Sepola in Mali.
Sepola project location map. Source: Company website
It expects to finalise a contract within the next few weeks to undertake 1,500m of diamond drilling at Balogo.
Golden Rim’s budgeted exploration expenditure for the current field season is approximately US$8 million, subject to ongoing drilling results.