S Africa group provides funding for Golden Rim’s Burkina Faso study
JOHANNESBURG (miningweekly.com) – Australian firm Golden Rim Resources may bring in RMB Resources – which is part of South Africa’s Rand Merchant Bank – as a funding partner for its gold project in Burkina Faso.
Golden Rim announced on Friday that it had signed an indicative term sheet with RMB Resources for RMB Australia Holdings to provide up to A$4-million to fund the completion of the company’s bankable feasibility study (BFS) for the Balogo project.
“We are very pleased to have a mandate in place with such a reputable and influential financial service group with specific experience in funding mine development in Burkina Faso. Such support provides the company with confidence to continue with the bankable feasibility study as we aim towards mine development. This is particularly important during the challenging financial times that the exploration sector is currently experiencing,” Golden Rim MD Craig Mackay said.
A total of A$4-million will be provided in two tranches of A$2.5-million and A$1.5-million. The facility, and each tranche, is subject to various conditions, including satisfactory due diligence investigations, which are expected to be completed by mid-December, and RMB Resources’ final credit approval.
The facility also includes the provision of unlisted options, where the number of options will be equal to 20% of each tranche amount, divided by the exercise price.
Golden Rim, which also has projects in Cote d’Ivoire and Mali, recently started an environmental-impact assessment as part of the BFS. The environmental study is expected to be completed by the end of June 2014.
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