Golden Rim Resources Ltd (ASX:GMR, OTC:GMRMF) has raised about A$1.7 million from the one-for-one non-renounceable entitlement offer the company launched last month.
Eligible shareholders subscribed for a total of 141,142,538 new shares in the offer aimed at raising funds for exploration activities and work programs at the company’s Kada Gold Project in eastern Guinea, one of the most under-explored countries in West Africa.
The project has an indicated and inferred mineral resource estimate of 30.3 million tonnes at 1.0 g/t gold for 923,000 ounces that Golden Rim intends to grow.
Most of the 150-square-kilometre project area remains under-explored, presenting considerable upside for the discovery of additional oxide gold mineralisation.
Golden Rim has commenced the process to place the shortfall in the $7 million offer, which will remain open until January 31.
The new shares will be issued on December 19 and are expected to commence trading on the ASX the following day.