Golden Rim sets A$8.3m raising target

9th December 2022 By: Esmarie Iannucci - Creamer Media Senior Deputy Editor: Australasia

PERTH ( – Gold explorer Golden Rim Resources is hoping to raise up to A$8.3-million through a share purchase plan and non-renounceable pro-rata entitlement offer to fund exploration work at its flagship Kada project, in Guinea.

The ASX-listed junior has received firm commitments for the placement of 81.5-million shares, priced at 3c each, to raise an initial A$2.44-million. The shares will be placed under Golden Rim’s existing placement capacity.

Director Dr Doug Jones has agreed to subscribe for 3-million of these placement shares for a A$90 000 investment, subject to shareholder approval at a meeting to be held in early 2023.

In addition to the share placement, Golden Rim on Friday also launched a one-for-two pro-rata non-renounceable entitlement offer under which it would issue 196.2-million shares, also at a price of 3c each, to raise A$5.89-million.

The entitlement offer will open on December 22 and close on January 13.

“We have received firm commitments from new and existing shareholders which underline the support for Golden Rim and its flagship Kada project in Guinea,” said Golden Rim CEO Tim Strong.

“The fundraise will allow us to build on the 930 000 oz gold resource discovered to date at the Massan prospect and establish the potential resource at the Bereko prospect, as well as initial exploration on additional early-stage targets. Kada has the potential to be Guinea’s, and West Africa’s, next big gold discovery. The team and I are excited for what will be a transformational year for Golden Rim.’’