West-Australian based explorers Golden Rim Resources and Peak Resources announced $2.54 million and $5.5 million share placements, respectively.
Peak Resources placement will be completed in two tranches; the first will include approximately 15.5 million shares, valued at $2.54 million, and the second will include roughly 16.8 million shares and will be issued after receiving shareholder approval at the general meeting next month.
A $2 million share purchase plan was also made available to Peak shareholders who are able to buy up to $15,000 worth of share at 17 cents, the same terms as the placement.
The capital raised from the placement and share purchase plan will be used to fund Peak’s exploration, scoping studies and metallurgical test work at its Ngualla project, in south Tanzania.
Golden Rim will use its placement to fund its operations at its Balogo Project in Burkina Faso.
25.4 million fully paid ordinary shares were made available at 10 cents each and Golden Rim also announced a $2 million, 20 million share purchase plan to its shareholders.
The placement means Golden Rim is now fully funded and able to conduct deeper diamond drilling, metallurgical test work and a maiden Joint Ore Reserve Committee resource estimate at its Balogo mine by the end of this year.
The placement and share purchase plan will take Golden Rim’s cash reserves up to $4.5 – 6.5 million, which according to the company is more than adequate for them to complete their next phase of exploration.
This capital will also help progress its second gold project located 200 km north-west of the Balogo Project.
