Golden Rim Resources Ltd (ASX:GMR) has completed the second tranche of a $5 million placement by issuing more than 141.05 million shares at an issue price of 0.9 cents per share.
Tranche-2 of the placement was approved by shareholders on March 24 and included participation by Golden Rim’s chairman Adonis Pouroulis for 40,222,210 shares with a total value of $361,999.89.
This purchase on March 29 in a direct interest represents a strong vote of confidence in the company's gold exploration strategy focused on West Africa with Pouroulis now holding almost 180.36 million ordinary fully paid shares.
Kathryn Davies steps in
The company's general manager corporate and company secretary Hayley Butcher is taking extended leave and non-executive director Kathryn Davies has stepped in to fulfil this role until Ms Butcher returns.
In accordance with corporate governance guidelines, the board has determined that, whilst fulfilling this position, Davies is not considered an independent director.
Drilling ramp-up at African projects
Golden Rim is ramping up drilling operations at its West African projects - Kada Gold Project in Guinea and Kouri Gold Project in Burkina Faso.
The West African gold explorer expects to have six drilling rigs – the most at any one time - operating at these projects.
A 15,000-metre power auger drilling program is progressing well at Kada in the company's maiden campaign since acquiring a stake in the project in January this year.
The aim of this program is to explore for gold mineralised saprolite (weathered bedrock), under the shallow laterite and soil cover, which lies across the bulk of the project area.