Thor Mining PLC Placements (7944X)
November 24 2014 - 4:40AM
UK Regulatory
TIDMTHR
RNS Number : 7944X
Thor Mining PLC
24 November 2014
24 November 2014
THOR MINING PLC
Placements
The Directors of Thor Mining PLC ("Thor" or the "Company") (AIM,
ASX: THR), are pleased to announce that the Company has completed
the following placements totalling 120,833,332 Ordinary Shares or
CDIs, as follows:
(1) 69,444,444 CDIs and Ordinary Shares to Sophisticated
Investors to convert existing loans of A$125,000 to Thor CDIs and
Ordinary Shares. The placement price is A$0.0018 per CDI (or 0.1
pence per Ordinary Share).
Loans of $625,000 were novated to Thor, as part of the
acquisition of Pilot Mountain on 27 October 2014 (refer ASX
announcement 10 June 2014). Following an earlier conversion of
A$175,000, together with this placement, the outstanding loans
related to the acquisition of Pilot Mountain have now been reduced
to A$325,000. The loans are repayable by 30 September 2015.
The purpose of the placement is to convert loans to Thor
Ordinary Shares or CDIs.
(2) 44,444,444 CDIs to a Sophisticated Investor at a placement
price of A$0.00225 per CDI, to raise A$100,000 before expenses.
The net proceeds raised will be used primarily to finalise the
upgraded Definitive Feasibility Study at Thor's Molyhil tungsten
project in Australia's Northern Territory, and also augment the
Company's existing cash resources.
(3) 6,944,444 CDIs to a Sophisticated Investor at a placement
price of A$0.0018 per CDI, to raise A$12,500 before expenses.
The net proceeds raised will be used primarily to finalise the
upgraded Definitive Feasibility Study at Thor's Molyhil tungsten
project in Australia's Northern Territory, and also augment the
Company's existing cash resources.
Application will be made today for the admission of the above
Placement shares to AIM, with admission expected to take place on
28 November 2014. The placement utilises a portion of the available
capacity of Thor's issued capital prior to the placement, pursuant
to ASX Listing Rule 7.1.
Following the allotment of these shares, Thor will have
3,053,091,211 shares on issue. This number of shares may be used by
shareholders in the Company as the denominator for the calculations
by which they will determine if they are required to notify their
interest in, or a
change to their interest in the Company, under the ASX Listing
Rules or the FCA's Disclosure and Transparency Rules.
Enquiries:
Mick Billing +61 (8) 7324 Thor Mining Executive
1935 PLC Chairman
Ray Ridge +61 (8) 7324 Thor Mining CFO/Company
1935 PLC Secretary
Colin Aaronson/ +44 (0) 207 Grant Thornton Nominated
David Hignell/ 383 5100 UK LLP Adviser
Harrison
Clarke
Andrew Monk/ +44 (0) 20 VSA Capital Broker
Bhavesh Patel 3005 5000 Ltd
Alex Walters +44 (0) 7771 Cadogan PR Financial
713608 PR
+44 (0) 207
839 9260
Updates on the Company's activities are regularly posted on
Thor's website www.thormining.com, which includes a facility to
register to receive these updates by email.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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