ASARA RESOURCES LIMITED — Capital/Financing Update 2019

Mar 11, 2019

ASX/Media Announcement 12 March 2019

Cleansing Notice and Disclosure under Listing Rules 7.1A.4(b) and 3.10.5A

Golden Rim Resources Ltd (ASX: GMR, Golden Rim, Company ) is pleased to announce that settlement of tranche 1 of the recently announced $2.25 million placement ( Placement ) has taken place.

Accordingly, 117,578,000 fully paid ordinary shares ( Shares ) have today been issued to unrelated qualified, institutional, sophisticated and professional investors under the Company’s Listing Rule 7.1 placement capacity (70,546,921 Shares) and Listing Rule 7.1A additional placement capacity (47,031,079 Shares) and after receiving approximately $1.52 million (before costs) in proceeds.

The Shares are in a class of securities quoted on the Australian Securities Exchange ( ASX ).

Cleansing Notice

The Corporations Act 2001 (Cth) (Act) restricts the on-sale of securities issued without disclosure, unless the sale is exempt under 708 or 708A of the Act. By the Company giving this notice, sale of the Shares noted above will fall within the exemption in section 708A(5) of the Act.

The Company hereby notifies ASX under paragraph 708A(5)(e) of the Act that:

1. the Shares were issued without disclosure to investors under Part 6D.2 of the Act;

2. this notice is given pursuant to paragraph 5(e) of section 708A of the Act;

3. as at the date of this notice, the Company has complied with the provisions of Chapter 2M of the Act as they apply to the Company and section 674 of the Act; and

4. as at the date of this notice there is no information:

5. (a) that has been excluded from a continuous disclosure notice in accordance with the ASX Listing Rules; and

6. (b) that investors and their professional advisers would reasonably require for the purpose of making an informed assessment of:

   • (i) the assets and liabilities, financial position and performance, profits and losses and prospects of the Company; or

   • (ii) the rights and liabilities attaching to the Shares.

Golden Rim Resources Ltd I ABN 39 006 710 774 I Office 7, Level 2, 609 Canterbury Road, Surrey Hills, VIC 3127, Australia www.goldenrim.com.au I info@goldenrim.com.au I T + 61 3 9836 4146

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Disclosure under Listing Rules 7.1A.4(b) and 3.10.5A

In accordance with Listing Rules 7.1A.4(b) and 3.10.5A the Company advises as follows in relation to the Shares:

• (a) The Company issued a total of 117,578,000 Shares of which 47,031,079 Shares were issued under the Company’s additional placement capacity under Listing Rule 7.1A. The issue of the Shares under Listing Rule 7.1A resulted in the following dilution to existing Shareholders:

• 470,312,812 Shares were on issue prior to the issue of the Shares.

• The number of Shares on issue following the issue of the Shares under Listing Rule 7.1A is 517,343,891 (or 587,890,812 including the Shares issued under Listing Rule 7.1).

• The percentage of voting dilution following the issue of the Shares under Listing Rule 7.1A is 10.0% (or 24.5% including the Shares issued under Listing Rule 7.1).

• (b) The Board resolved to proceed with the Placement, having given consideration to the expediency of a share placement, the Company’s recent share purchase plan (completed September 2018) and advice from external advisers.

• (c) The Placement was not underwritten.

• (d) Hartleys Limited and Adelaide Equity will receive a total fee equal to 6% of the dollar amount raised by the issue of the Shares as Lead Manager and Co-Manager respectively, to the Placement.

-ENDS-

Contact Information

Hayley Butcher

Golden Rim Resources Ltd Company Secretary +61 0409 880 009

E: info@goldenrim.com.au

W:goldenrim.com.au

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