(Ecofin Agency) - Today February 21, Golden Rim Resources announced a $3.5 million fundraising campaign to fast-track exploration at its Kouri gold project in Burkina Faso. So far, it has received commitments from a number of investors for the placement of 87.5 million ordinary shares, worth 4 cents each.

“We are pleased with the overwhelming support the company received for the capital raising from a number of institutional, professional and sophisticated investors as it reflects the quality of our flagship Kouri gold project,” said Craig Mackay, the company’s managing director.

Golden Rim Resources plans to use the funds to complete the assessment of the untapped mineral resource as well as conduct further infill drilling campaigns and explore areas outside the mining zone. It will also be used as working capital.

The company which fully owns Kouri project also operates Babonga gold project in Burkina Faso.