Golden Rim Resources Ltd’s (ASX:GMR) cash balance received a fillip of A$4 million after completing the sale of the Balogo Project in Burkina Faso to the MNG Group of companies (MNG).
Golden Rim’s cash balance is now A$7.5 million, and the company is also expecting to receive US$150,000 from the sale of the Yako and Babonga projects in Burkina Faso.
MNG had approached Golden Rim to consider a renegotiation of the remaining consideration for the sale of the Balogo Project, which was originally announced in February 2015.
Given the delay in the progress of the project and the recent political and security issues in Burkina Faso, Golden Rim accepted a payment of US$3 million in cash now, over the uncertainty of receiving more money in the future.
The additional cash from the sale proceeds will improve Golden Rim’s capability to acquire new mining opportunities, including more advanced projects.
The company continues to review a number of mineral projects in several countries.
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