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ASX-listed Golden Rim Resources has now completed the raising capital valued at $3 million, with the final securities issued.

The capital raising was comprised of a placement that raised approximately $3 million and a Share Purchase Plan that raised an additional $392,000 (before costs).

Participants were also offered an opportunity to participate in an offer of free options which were made under the Prospectus.

All offers under the Prospectus are now closed.

Funds raised from the Placement and Share Purchase Plan will be used for work programs at the Kouri gold project (Kouri) where Golden Resource believes there is significant potential for the discovery of further mineralisation.

In particular, Golden Resource intends to undertake the following at Kouri:

  • follow-up Reverse Circulation (RC) drilling of new Red Hill gold discovery, which is located only 4.5 km from the Mineral Resource
  • infill auger drilling on additional new regional target areas within the Kouri licence outside the Mineral Resource area, such as Guitorga West, and then a first pass RC drilling program once these target areas are better defined
  • air core drilling through the river channel that lies between Guitorga West and the Mineral Resource
  • infill and extensional RC drilling in the Mineral Resource area
  • additional metallurgical test work (such as comminution and column leach test work); and an expected Mineral Resource upgrade

Part of the funds will also be used to complete the Scoping Study on the company’s Paguanta Project in Chile and for working capital purposes.