Golden Rim Resources Ltd (ASX:GMR, OTC:GMRMF) is seeking to raise up to $7,099,060 via a one-for-one pro-rata non-renounceable entitlement issue at 12 cents per share.
The company intends to use the funds raised to pursue exploration activities and work programs at the 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 1.0g/t gold for 923,000 ounces that Golden Rim intends to grow. Most of the 150-square-kilometre project area remains underexplored, presenting considerable upside for the discovery of additional oxide gold mineralisation.
The funds will also repay the $1.5 million convertible note and for general working capital purposes.
The entitlement issue is for one new fully paid share for every one share held, at $0.012 per share. It is open to all eligible shareholders who have a registered address in Australia, New Zealand, Hong Kong, Singapore, Mauritius, the United Kingdom or the Bahamas and who hold shares on November 22, 2023. In addition to their entitlement, eligible shareholders can apply for shortfall shares.