Golden Rim Resources (ASX: GMR) has satisfied all conditions precedent to the secured $3 million loan from Aurora Minerals (ASX: ARM).
Receipt of the funds will allow it to recommence significant work programs in Burkina Faso.
The company plans to initially conduct auger and reverse circulation drilling programs at the Korongou Project, to follow up various targets within the 16 kilometre gold mineralised corridor.
It added that the Balogo gold project remained its main focus.
Golden Rim may repay the loan by the issue of shares to Aurora, with conversion of the first tranche resulting in Aurora having a 19.96% shareholding in Golden Rim.
Repayment of the second tranche of the loan may be made in either cash or Shares, at Aurora’s election.
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