Golden Rim signs $4m funding deal

West Perth-based gold explorer Golden Rim Resources has lined up $4 million in funding under an agreement with global financier RMB Resources as it looks towards completion of a bankable feasibility study at its Balogo project in Burkina Faso.

RMB will provide Golden Rim with $4 million across two tranches, subject to the completion of due diligence investigations. 

The company will issue unlisted options equal to 20 per cent of each tranche amount, divided by the exercise price.

"This is particularly important during the challenging financial times that the exploration sector is currently experiencing," Golden Rim managing director Craig Mackay said.

Golden Rim recently completed the first phase of an environmental impact study at Balogo and expects to complete the second and final phase by June next year.

The company last month announced plans to raise $1.5 million through a share purchase plan.

Its shares were steady at 1.2 cents at 12:00pm WST.