PERTH (miningweekly.com) – Junior Golden Rim Resources will raise A$5.3-million through a share placement and rights issue to accelerate drilling work at its Kouri gold project, in Burkina Faso.
An initial A$1.82-million will be raised through the placement of some 130-million shares, at a price of 1.4c each to institutional and sophisticated investors, with the balance of the funds to be raised through a 3-for-11 pro-rata renounceable offer, also priced at 1.4c each.
The offer price represented a 17.6% discount to Golden Rim’s last trading price, and a 23.2% discount to the 15-day volume weighted average share price.
The company on Thursday told shareholders that funds raised will go towards exploration work at Kouri, as well as for general working capital.
Drilling is scheduled to start around mid-September.