Golden Rim raises cash for Kada exploration
PERTH (miningweekly.com) – Junior Golden Rim Resources will raise up to A$6.3-million to advance its Kada gold project, in Guinea.
The company said on Thursday that it would issue more than 67.9-million shares, at a price of 7.8c each, raising an initial A$5.3-million under its existing placement capacity. A further 10.4-million shares will be issued subject to shareholder approval.
Subscribers in the share placement will receive one free attaching option for every three shares subscribed for, exercisable at a price of 12c each, within 24 months of the date of issue.
In addition to the placement, Golden Rim will also undertake a share purchase plan (SPP) to raise a further A$1-million. The SPP will allow shareholders to subscribe for up to A$30 000 in additional shares in the company.
Funds raised will go towards exploration drilling at the Kada project, and towards working capital, Golden Rim said on Thursday.
“Golden Rim has had a terrific start to the year with our maiden Kada mineral resource estimate of 930 000 oz of gold and the release of our scoping-level metallurgical testwork at Kada that demonstrates the gold mineralisation is free-milling with high gold recoveries and can be processed via conventional carbon-in-leach,” said MD Craig Mackay.
“Our objective over the remainder of the year is resource growth with the focus on expanding the shallow oxide-transitional ounces at Kada. The maiden mineral resource is just the start. It is open at depth and along strike and only covers 1 km along the highly prospective 15 km Kada gold corridor.”
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