Tweet
Golden Rim Resources Ltd. : Mali Assets Divested for US$4.4 Million
02/21/2013| 08:11pm US/Eastern
ASX/Media Announcement
22 February 2013
Mali Assets Divested for US$4.4 million
Golden Rim Resources Ltd (Golden Rim; ASX: GMR) today announced that it has signed an agreement to sell its Mali assets, including its entire exploration permit portfolio, to Sandeep Gold Resources SARL (Sandeep Gold) for US$4.4 million in cash. The sale is subject to Sandeep Gold conducting due diligence on the validity of the permits within two weeks. The permit portfolio includes Golden Rim's Sepola Project in western Mali, and the Faraba Project in southern Mali.
Cash payments are due in these stages throughout 2013. The first payment of US$1.1 million is due on or before 5 April 2013, the second payment of US$1.1 million is due on or before 3 June
2013, and the third and final payment is due on or before 31 December 2013. Golden Rim will then distribute a portion of the sale proceeds to local partners who hold minority interests in certain
permits. Following these payments, Golden Rim's total consideration to be received under the agreement will be US$3,975,000.
Golden Rim's Managing Director, Craig Mackay said ''These cash proceeds together with the funds currently being raised through placement and rights issue will provide the Company with additional funding to conduct aggressive exploration programs on our high priority targets."
The completion of the sale will see Golden Rim's withdrawal from operations in Mali and will allow the Company to focus on its highly prospective gold projects in Burkina Faso. The divestment aligns with Golden Rim's strategy of acquiring, assessing and strategically deciding on whether to divest or retain project interests.
-ENDS- For further information, please contact:
02/21/2013| 08:11pm US/Eastern
ASX/Media Announcement
22 February 2013
Mali Assets Divested for US$4.4 million
Golden Rim Resources Ltd (Golden Rim; ASX: GMR) today announced that it has signed an agreement to sell its Mali assets, including its entire exploration permit portfolio, to Sandeep Gold Resources SARL (Sandeep Gold) for US$4.4 million in cash. The sale is subject to Sandeep Gold conducting due diligence on the validity of the permits within two weeks. The permit portfolio includes Golden Rim's Sepola Project in western Mali, and the Faraba Project in southern Mali.
Cash payments are due in these stages throughout 2013. The first payment of US$1.1 million is due on or before 5 April 2013, the second payment of US$1.1 million is due on or before 3 June
2013, and the third and final payment is due on or before 31 December 2013. Golden Rim will then distribute a portion of the sale proceeds to local partners who hold minority interests in certain
permits. Following these payments, Golden Rim's total consideration to be received under the agreement will be US$3,975,000.
Golden Rim's Managing Director, Craig Mackay said ''These cash proceeds together with the funds currently being raised through placement and rights issue will provide the Company with additional funding to conduct aggressive exploration programs on our high priority targets."
The completion of the sale will see Golden Rim's withdrawal from operations in Mali and will allow the Company to focus on its highly prospective gold projects in Burkina Faso. The divestment aligns with Golden Rim's strategy of acquiring, assessing and strategically deciding on whether to divest or retain project interests.
-ENDS- For further information, please contact:
Comment