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Golden Rim Resources bags funds for Balogo gold project in Burkina Faso

Golden Rim Resources bags funds for Balogo gold project in Burkina Faso

Golden Rim Resources (ASX:GMR) has completed a placement of 50 million shares with an attaching option for each to Acorn Capital to raise $500,000 for bankable feasibility and environmental studies at its Balogo gold project in Burkina Faso.

The placement was made at $0.01 per share to raise $500,000, with the unlisted options at no cost, an exercise price of $0.015 and an expiry of 30th June 2015.

As previously announced, Golden Rim has also signed an Indicative Terms Sheet with RMB Resources for RMB Australia Holdings to provide up to $4 million to fund the completion of the bankable feasibility study for the Balogo project.

RMB Resources is currently completing its due diligence investigations and a final decision is expected in early 2014.

In the past fortnight, Golden Rim has been approached by several other parties also interested in funding the feasibility study, and have also commenced the due diligence process.

Golden Rim will assess the various alternatives to determine the best funding option for the Balogo Project.


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