Golden Rim Resources Ltd (ASX: GMR) has allotted 8,200,000 fully paid ordinary shares in the capital of the Company at an issue price of 13 cents per share to PAL Technology Services LLC to raise $1,066,000.
PAL Technology Services LLC is a member of the Royal Group in Abu Dhabi.
Funds raised will be used for the accelerated drilling program at Mali on newly identified targets and for the company’s continued participation in the Bergslagen Joint Venture in Sweden.
Golden Rim is focused on exploring and developing gold and copper and iron ore resources in Africa and on the Pacific Rim. In Mali, Africa, Golden Rim has two gold projects, Sepola and Sanso.
The Sepola Gold Project is the main focus as the company considers the Project has the most potential to produce a major gold deposit.
Shareholders approved the placement at the company’s General Meeting held on 16 February 2010.
Golden Rim Resources shares last traded at 9 cents.