ASARA RESOURCES LIMITED — Capital/Financing Update 2020

Jun 24, 2020

Proposed issue of securities

==> picture [21 x 22] intentionally omitted <==

Announcement Summary

Entity name

GOLDEN RIM RESOURCES LTD

Announcement Type

New announcement

Date of this announcement

Thursday June 25, 2020

The Proposed issue is:

==> picture [8 x 8] intentionally omitted <==

A non pro rata offer of securities under a disclosure document or product disclosure statement (PDS)

Total number of +securities proposed to be issued for a non pro rata offer of securities under a disclosure document or product disclosure statement (PDS)

Maximum Number of ASX +Security Code +Security Description +securities to be issued GMR ORDINARY FULLY PAID 100

Closing date for receipt of acceptances

Monday August 3, 2020

Proposed +issue date

Thursday August 6, 2020

Refer to next page for full details of the announcement

Proposed issue of securities

1 / 6

Proposed issue of securities

==> picture [21 x 22] intentionally omitted <==

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

ABN 39006710774

1.3 ASX issuer code

GMR

1.4 The announcement is

==> picture [8 x 9] intentionally omitted <==

New announcement

1.5 Date of this announcement

Thursday June 25, 2020

1.6 The Proposed issue is:

==> picture [8 x 8] intentionally omitted <==

A non-+pro rata offer of +securities under a +disclosure document or +PDS

Proposed issue of securities

2 / 6

Proposed issue of securities

==> picture [21 x 22] intentionally omitted <==

Part 5 - Details of proposed non-pro rata offer under a disclosure document or PDS

Part 5A - Conditions

5A.1 - Are any of the following approvals required for the non-+pro rata offer of +securities under a +disclosure document or +PDS?

+Security holder approval Court approval Lodgement of court order with +ASIC ACCC approval FIRB approval Another approval/condition external to the entity

==> picture [8 x 8] intentionally omitted <==

No

Part 5B - Offer 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 No 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

Maximum Number of +securities proposed to be issued 100

Minimum Number of +securities Maximum Number of +securities proposed to be offered to each proposed to be offered to each individual +security holder individual +security holder Minimum subscription $ amount Maximum subscription $ amount proposed to be offered to each proposed to be offered to each individual security holder individual security holder

Proposed issue of securities

3 / 6

Proposed issue of securities

==> picture [21 x 22] intentionally omitted <==

Purpose of the issue

The purpose of the issue is to ensure that any shares issued prior to the disclosure document's closure comply with section 708A(11) of the Corporations Act and to remove any trading restrictions that attach to shares issued by the Company prior to the disclosure document's Closing Date.

Offer price details for retail security holders

In what currency will the offer be What is the offer price per +security? made? AUD 0.01200

AUD - Australian Dollar

Offer price details for institutional security holders

Could offer price per +security be determined by bookbuild? No

Oversubscription & Scale back details

Are +security holders allowed to oversubscribe? No

May a scale back be applied to this event? No

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

Part 5C - Timetable

5C.1 Lodgement date of +disclosure document or +PDS with ASIC Thursday June 25, 2020

5C.2 Date when +disclosure document or +PDS and acceptance forms will be made available to investors

Friday June 26, 2020

5C.3 Offer open date

Friday June 26, 2020

5C.4 Closing date for receipt of acceptances Monday August 3, 2020

5C.6 Proposed +issue date

Thursday August 6, 2020

Proposed issue of securities

4 / 6

Proposed issue of securities

Part 5D - Listing Rule requirements

==> picture [21 x 22] intentionally omitted <==

5D.1 Has the entity obtained, or is it obtaining, +security holder approval for the issue under listing rule 7.1? No 5D.1b Are any of the +securities proposed to be issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1? Yes 5D.1b ( i ) How many +securities are proposed to be issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1? 100 5D.1c Are any of the +securities proposed to be issued without +security holder approval using the entity's additional 10% placement capacity under listing rule 7.1A (if applicable)? No Part 5E - Fees and expenses 5E.1 Will there be a lead manager or broker to the proposed offer? No 5E.2 Is the proposed offer to be underwritten? No 5E.3 Will brokers who lodge acceptances or renunciations on behalf of eligible +security holders be paid a handling fee or commission? No 5E.4 Details of any other material fees or costs to be incurred by the entity in connection with the proposed offer

Part 5F - Further Information 5F.1 Will the entity be changing its dividend/distribution policy if the proposed offer is successful? No 5F.2 The entity's allocation policy for the offer, including whether or not acceptances from existing +security holders will be given priority The offer is under a Cleansing Prospectus. The Offer will only be extended to specific parties at the invitation of the Directors.

Proposed issue of securities

5 / 6

Proposed issue of securities

5F.3 URL on the entity's website where investors can download the +disclosure document or +PDS

==> picture [21 x 22] intentionally omitted <==

http://www.goldenrim.com.au/site/News-and-Reports/ASX-Announcements

5F.4 Any other information the entity wishes to provide about the proposed offer

Proposed issue of securities

6 / 6