Golden Rim Resources Ltd (Golden Rim and Company, ASX: GMR) today announced that substantial shareholder PAL Technology Services LLC (PAL) has acquired 8 million new fully paid ordinary shares, at $0.15 a share, in a private placement, raising $1.2 million.
This transaction follows the recently announced $6.9 million placement to fund Golden Rim’s extensive drilling program in Burkina Faso and Mali in West Africa.
PAL is a member of the Royal Group of Companies based in Abu Dhabi and is one of the largest business and investment houses in the UAE.
Golden Rim’s Managing Director, Mr Craig Mackay, said he was pleased to see ongoing support in the Company from the Royal Group.
The funds raised from the placement will be used for the Company’s drilling and other exploration expenditure in Mali and Burkina Faso, and for working capital purposes.
Golden Rim’s profile has increased after receiving exceptional gold intercepts earlier this year from the Company’s Balogo Project in Burkina Faso.
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