Golden Rim Resources Ltd (ASX: GMR) is pleased to announce it has successfully raised approximately A$6.9m (before issue costs), via a placement, to fund an extensive drilling and exploration program in Burkina Faso and Mali.

The Placement consisted of approximately 45.9m new fully paid ordinary shares at $0.15 per share to institutional and sophisticated investors. Bell Potter Securities Limited acted as Lead Manager to the placement.

Golden Rim’s Managing Director, Mr Craig Mackay, said, “The Company is pleased to have received strong support for the fund raising, given the Company is undertaking its largest ever drilling campaign.”

Mr Mackay added, “The latest drilling results at our key Balogo Project in Burkina Faso which included 57m at 23.3 g/t gold suggest further work needs to be undertaken.”

The funds raised from the placement will be used for the Company’s drilling and other exploration expenditure, and for working capital purposes.

During the last few months, the Company has completed 13,000m of a 30,000m RC contract at Balogo (Burkina Faso) and 1,500m of a 4,000m RC contract at Sepola (Mali). To date, the Company has received assays for only 1,500 samples from these drilling programs. Within the next few weeks, the Company expects to finalise a contract to undertake 1,500m of diamond drilling at Balogo.

Golden Rim’s budgeted exploration expenditure for the current field season is approximately US$8m, subject to ongoing drilling results.