ASARA RESOURCES LIMITED — Capital/Financing Update 2020

Aug 17, 2020

Proposed issue of securities

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Update Summary

Entity name

GOLDEN RIM RESOURCES LTD

Announcement Type

Update to previous announcement

Date of this announcement

Tuesday August 18, 2020

Reason for update to a previous announcement

Expiry Date of unlisted options now known.

Refer to next page for full details of the announcement

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Proposed issue of securities

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Part 1 - Entity and announcement details

1.1 Name of +Entity

GOLDEN RIM RESOURCES LTD

We (the entity named above) give ASX the following information about a proposed issue of +securities and, if ASX agrees to +quote any of the +securities (including any rights) on a +deferred settlement basis, we agree to the matters set out in Appendix 3B of the ASX Listing Rules.

1.2 Registered Number Type Registration Number ACN 006710774

1.3 ASX issuer code

GMR

1.4 The announcement is

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Update/amendment to previous announcement

1.4a Reason for update to a previous announcement

Expiry Date of unlisted options now known.

1.4b Date of previous announcement(s) to this update

Thursday June 18, 2020

1.5 Date of this announcement

Tuesday August 18, 2020

1.6 The Proposed issue is:

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A placement or other type of issue

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Part 7 - Details of proposed placement or other issue

Part 7A - Conditions

7A.1 - Are any of the following approvals required for the placement or other type of issue? +Security holder approval Court approval Lodgement of court order with +ASIC ACCC approval FIRB approval Another approval/condition external to the entity Yes

7A.1a Conditions

Approval/Condition Date for determination Is the date estimated or ** Approval actual? received/condition met? +Security holder approval Friday July 31, 2020 Estimated

Comments

Part 7B - Issue details

Is the proposed security a 'New Will the proposed issue of this class' (+securities in a class that is +security include an offer of not yet quoted or recorded by ASX) attaching +securities? or an 'Existing class' (additional Yes securities in a class that is already quoted or recorded by ASX)? Existing class

Details of +securities proposed to be issued

ASX +security code and description

GMR : ORDINARY FULLY PAID

Number of +securities proposed to be issued

275,956,284

Reason for the update of 'Maximum Number of +securities proposed to be issued'

Offer price details

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Will these +securities rank equally in all respects from their issue date with the existing issued +securities in that class? Yes

Attaching +Security

Is the proposed attaching security a 'New class' (+securities in a class that is not yet quoted or recorded by ASX) or an 'Existing class' (additional +securities in a class that is already quoted or recorded by ASX)? New class

Attaching +Security - New class (+securities in a class that is not yet quoted or recorded by ASX)

Details of attaching +securities proposed to be issued

ISIN Code (if Issuer is a foreign company and +securities are non CDIs)

Have you received confirmation from ASX that the terms of the proposed +securities are appropriate and equitable under listing rule 6.1? Will the entity be seeking quotation of the 'new' class of +securities on ASX? ASX +security code New class-code to be confirmed +Security description Unlisted Options Class Z (GMRULOPT12) No No	Have you received confirmation from ASX that the terms of the proposed +securities are appropriate and equitable under listing rule 6.1? Will the entity be seeking quotation of the 'new' class of +securities on ASX? ASX +security code New class-code to be confirmed +Security description Unlisted Options Class Z (GMRULOPT12) No No
New class-code to be confirmed	Unlisted Options Class Z (GMRULOPT12)

+Security type Options

Number of +securities proposed to be issued 137,978,142

Reason for the update of 'Maximum Number of +securities proposed to be issued'

Offer price details

Will all the +securities issued in this class rank equally in all respects from their issue date? Yes

Options details

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+Security currency AUD - Australian Dollar Exercise price Expiry date AUD 0.0100 Thursday August 18, 2022

Details of the type of +security that will be issued if the option is exercised GMR : ORDINARY FULLY PAID

Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities proposed to be issued or provide the information by separate announcement.

Part 7C - Timetable

7C.1 Proposed +issue date

Friday August 7, 2020

Part 7D - Listing Rule requirements

7D.1 Has the entity obtained, or is it obtaining, +security holder approval for the entire issue under listing rule 7.1? Yes

7D.1a Date of meeting or proposed meeting to approve the issue under listing rule 7.1 Friday July 31, 2020

7D.2 Is a party referred to in listing rule 10.11 participating in the proposed issue? Yes

7D.3 Will any of the +securities to be issued be +restricted securities for the purposes of the listing rules? No

7D.4 Will any of the +securities to be issued be subject to +voluntary escrow? No

Part 7E - Fees and expenses

7E.1 Will there be a lead manager or broker to the proposed issue? Yes

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7E.1a Who is the lead manager/broker?

LHC Mine Finance Ltd

7E.1b What fee, commission or other consideration is payable to them for acting as lead manager/broker?

5% cash fee of the funds raised by LHC Mine Finance Ltd plus options equal to 5% of the number of shares issued to parties introduced by LHC, the issue of which are subject to shareholder approval (also part of a broader mandate).

7E.2 Is the proposed issue to be underwritten? No

7E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed issue

Part 7F - Further Information

7F.1 Will the entity be changing its dividend/distribution policy if the proposed issue proceeds? No

7F.2 Any other information the entity wishes to provide about the proposed issue

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