TIDMTHR
RNS Number : 6077D
Thor Mining PLC
30 January 2015
Friday, 30 January 2015
THOR MINING PLC
Thor Mining PLC ("Thor" or the "Company")
The Directors of Thor Mining PLC (AIM, ASX: THR) today released
the following announcement on the Australian Securities Exchange
("ASX") as required under the listing rules of the ASX.
Rule 5.3
Appendix 5B
Mining exploration entity quarterly report
Name of entity
THOR MINING PLC
---------------
ACN or ARBN Quarter ended ("current
quarter")
121 117 673 31 December 2014
----------- -----------------------
Consolidated statement of cash flows
Cash flows related to Current quarter Year to
operating activities date (6
months)
$A'000 $A'000
---------------- ---------
Receipts from product
1.1 sales and related debtors 0 0
Payments for (a) exploration
1.2 & evaluation (110) (435)
(b) development 0 0
(c) production 0 0
(d) administration (182) (507)
1.3 Dividends received 0 0
Interest and other
items of a similar
1.4 nature received 0 3
Interest and other
1.5 costs of finance paid (18) (35)
1.6 Income taxes paid 0 0
Other (export marketing
1.7 grant) 0 0
Net Operating Cash
Flows (310) (974)
------- ----------------------------- ---------------- ---------
Cash flows related
to investing activities
Payment for purchases
1.8 of: (a) prospects 0 0
(b) equity investments 0 0
(c) other fixed assets 0 (5)
Proceeds from sale
1.9 of: (a) prospects 0 0
(b) equity investments 0 102
(c) other fixed assets 12 12
1.10 Loans to other entities 0 0
Loans repaid by other
1.11 entities 0 0
Other:- Acquisition
1.12 costs Pilot Mountain (33) (106)
Net investing cash
flows (21) 3
---------------- ---------
Total operating and
investing cash flows
1.13 (carried forward) (331) (971)
------- ----------------------------- ---------------- ---------
Total operating and
investing cash flows
1.13 (brought forward) (331) (971)
------- -----------------------------
Cash flows related
to financing activities
Proceeds from issues
of shares, options,
1.14 etc. (Refer Note 6) 212 971
Proceeds from sale
1.15 of forfeited shares 0 0
1.16 Proceeds from borrowings 0 0
1.17 Repayment of borrowings 0 0
1.18 Dividends paid 0 0
Other (provide details
1.19 if material) 0 0
---------------- -------------
Net financing cash
flows 212 971
------- ----------------------------- -------------
Net increase (decrease)
in cash held (119) 0
Cash at beginning of
1.20 quarter/year to date 137 18
Exchange rate adjustments
1.21 to item 1.20 0 0
---------------- -------------
1.22 Cash at end of quarter 18 18
------- ----------------------------- ---------------- -------------
Payments to directors of the entity and associates of the
directors
Payments to related entities of the entity and associates of the
related entities
Current quarter
$A'000
----------------
Aggregate amount of payments
to the parties included in item
1.23 1.2 12
----------------
Aggregate amount of loans to
the parties included in item
1.24 1.10 0
----- --------------------------------- ----------------
1.25 Explanation necessary for an understanding
of the transactions
DD$90,0$12k includes: - Consulting fees
paid to M Billing $12k.
---------------------------------------------------
Non-cash financing and investing activities
2.1 Details of financing and investing transactions
which have had a material effect on consolidated
assets and liabilities but did not involve
cash flows
Swap agreements
The Company has existing agreements with
an institutional investor in the Company,
Lanstead Capital L.P. ("Lanstead"), consisting
of 2 separate agreements: 1) a share subscription
agreement and 2) an equity swap agreement.
Under the share subscription agreement,
ordinary shares were issued to Lanstead
for a cash consideration, of which 85% was
invested by the Company in credit support
for the equity swap and will be returned
to the Company in monthly instalments. Under
the equity swap agreement, monthly swap
settlements are made based on the prevailing
market price of the Company's share price
relative to benchmark prices.
At 31 December 2014, the total credit support
instalments yet to be received by the Company,
net of the swap settlements (valued at the
Company's share price of 0.11 pence at that
date) is GBP162,157 (A$307,640). The instalments
will be received over the next 20 months.
The future instalments received will vary
depending on the Company's share price at
each instalment date.
Acquisition of Pilot Mountain
Consideration for the acquisition of Pilot
Mountain from Black Fire Minerals Ltd ("Black
Fire", now Animoca Brands Ltd ASX: AB1)
was $1,675,000 settled by the issue of 418,750,000
ordinary shares of 0.01p each in Thor, at
an agreed value of A$0.004 per share. Refer
to ASX Announcement dated 28 October 2014.
A number of parties provided unsecured loans
totalling $625,000 to Black Fire in March
2014, to enable Black Fire to complete its
acquisition of the Pilot Mountain Tungsten
Project, subsequently creating the opportunity
for Thor to acquire the Pilot Mountain Tungsten
Project from Black Fire. The loans were
novated to Thor as part of the acquisition
of Pilot Mountain on 27 October 2014. Subsequently,
$300,000 of these loans were repaid through
the issuance of Ordinary Shares of 0.01p
each in Thor as follows:
* 96,685,082 Ordinary Shares issued to Thor Directors
in repayment of $175,000. Approved by Thor
shareholders on 31 July 2014. Refer to ASX
Announcement dated 30 October 2014.
* 69,444,444 Ordinary Shares issued to sophisticated
investors in repayment of $125,000. Refer to ASX
Announcement dated 24 November 2014.
The remaining outstanding loans of $325,000
are repayable by 30 September 2015.
-----------------------------------------------------------
2.2 Details of outlays made by other entities
to establish or increase their share in projects
in which the reporting entity has an interest
Nil
--------------------------------------------------
Financing facilities available
Add notes as necessary for an understanding of the position.
Amount available Amount used
$A'000 $A'000
3.1 Loan facilities 1,000 1,000
----------------- ------------
3.2 Credit standby arrangements 0 0
---- ---------------------------- ----------------- ------------
Estimated cash outflows for next quarter (Note 10)
$A'000
-------
4.1 Exploration and evaluation 150
-------
4.2 Development 0
-------
4.3 Production 0
-------
4.4 Administration 310
-------
Total 460
---- --------------------------- -------
Reconciliation of cash
Reconciliation of cash Current quarter Previous
at the end of the quarter $A'000 quarter
(as shown in the consolidated $A'000
statement of cash flows)
to the related items in
the accounts is as follows.
--------------------------------- ---------------- ---------
Cash on hand and at
5.1 bank 18 137
---------------- ---------
5.2 Deposits at call 0 0
---------------- ---------
5.3 Bank overdraft 0 0
---------------- ---------
Other (90 day Term
5.4 Deposit) 0 0
---------------- ---------
Total: cash at end
of quarter (item 1.22) 18 137
----- -------------------------- ---------------- ---------
Changes in interests in mining tenements
Tenement Nature of Interest Interest
reference interest at beginning at
(note (2)) of quarter end
of
quarter
------------ ---------------- -------------- ---------
Interests
in mining Exploration
tenements Licence in
relinquished, the Northern
reduced or Territory
6.1 lapsed EL 25981 relinquished 100% 0%
------------ ---------------- -------------- ---------
Mining Claims
in the US
State of
Nevada -
as part of
Interests the Pilot
in mining NMC1035394 Mountain
tenements NMC1087093 Acquisition
acquired or NMC804279 (refer Section
6.2 increased NMC913492 2.1). 0% 100%
------------ ---------------- -------------- ---------
Issued and quoted securities at end of current quarter
Description includes rate of interest and any redemption or
conversion rights together with prices and dates.
Total Number Issue Amount
number quoted price paid
per security up per
(see note security
3) (see
note
3)
------------------------ -------------- -------------- -------------- -------------
7.1 Preference
securities
-------------- -------------- -------------- -------------
7.2 Changes during
quarter
----- ----------------- -------------- -------------- -------------- -------------
+Ordinary Fully
7.3 securities 3,053,091,211 3,053,091,211 N/A Paid
(Refer
Note 7)
-------------- -------------- -------------- -------------
Changes during
quarter
(a) Increases
by issues:
- Placement Fully
- Placement Paid
- Placement Fully
- Placement Paid
- Placement Fully
- Placement Paid
- Warrants 0.1 pence Fully
(See below 96,685,082 96,685,082 0.3 cents Paid
7.9) 418,750,000 418,750,000 0.29 cents Fully
66,308,276 66,308,276 0.18 cents Paid
(b) Decreases 69,444,444 69,444,444 0.225 Fully
through returns 44,444,444 44,444,444 cents Paid
of capital, 6,944,444 6,944,444 0.18 cents Fully
7.4 buy-backs 155,555 155,555 0.7 pence Paid
7.5 +Convertible
debt securities
-------------- -------------- -------------- -------------
7.6 Changes during
quarter
7.7 Options
(description Number
and conversion Total quoted Exercise Expiry
factor) number price date
0
Options E 4,000,000 2.0 pence 21/06/2015
(Associates)
0
Options F 600,000 2.0cents 27/09/2015
(Associates)
0
Options G 84,141,088 0.7428 19/03/2016
(Debt facility cents
issuer) 0
62,887,808 3/06/2016
Options H 0.5963
(Debt facility 0 cents
issuer) 26,763,987 22/06/2016
Options K 0.1 pence
(Associate)
-------------- -------------- -------------- -------------
7.8 Issued during
quarter
-------------- -------------- -------------- -------------
Exercised
during quarter
Options J
(Attaching
to AIM listed
7.9 shares) 155,555 o 0.7 cents 30/9/2014
-------------- -------------- -------------- -------------
7.10 Expired during
quarter
-------------- --------------
7.11 Debentures
(totals only)
-------------- --------------
7.12 Unsecured
notes (totals
only)
-------------- --------------
Compliance statement
1 This statement has been prepared under accounting policies
which comply with accounting standards as defined in the
Corporations Act or other standards acceptable to ASX (see note
4).
2 This statement does give a true and fair view of the matters disclosed.
Sign here: ... Date: 30/1/2015
(Company Secretary)
Print name: Ray Ridge
Notes
1 The quarterly report provides a basis for informing the market
how the entity's activities have been financed for the past quarter
and the effect on its cash position. An entity wanting to disclose
additional information is encouraged to do so, in a note or notes
attached to this report.
2 The "Nature of interest" (items 6.1 and 6.2) includes options
in respect of interests in mining tenements acquired, exercised or
lapsed during the reporting period. If the entity is involved in a
joint venture agreement and there are conditions precedent which
will change its percentage interest in a mining tenement, it should
disclose the change of percentage interest and conditions precedent
in the list required for items 6.1 and 6.2.
3 Issued and quoted securities. The issue price and amount paid
up is not required in items 7.1 and 7.3 for fully paid
securities.
4 The definitions in, and provisions of, AASB 1022: Accounting
for Extractive Industries and AASB 1026: Statement of Cash Flows
apply to this report.
5 Accounting Standards ASX will accept, for example, the use of
International Accounting Standards for foreign entities. If the
standards used do not address a topic, the Australian standard on
that topic (if any) must be complied with.
6 Proceeds are net of issue costs. Proceeds include the Lanstead
instalments received, net of the swap settlements. Refer Section
2.1.
7 Ordinary securities comprise of:
Listed on London Stock Exchange (AIM) 1,577,881,139
Listed on Australian Stock Exchange (ASX) - as CDIs 1,056,460,072
Listed on Australian Stock Exchange (ASX) - as CDIs
Voluntary escrow until 29 October 2015 418,750,000
Total Ordinary Securities at 30 June 2014 3,053,091,211
8 Issues during the quarter comprise of:
Listed on London Stock Exchange (AIM) 34,877,777
Listed on Australian Stock Exchange (ASX) - as CDI's 249,104,468
Listed on Australian Stock Exchange (ASX) - as CDIs
Voluntary escrow until 29 October 2015 418,750,000
Total Ordinary Securities issued in the quarter 702,732,245
9 During the quarter, the number of shares transferred
From London Stock Exchange (AIM) to ASX as CDIs was: 17,349,223
10 Projected cash outflows for the next Quarter are $460,000.
This is in excess of the cash balance at 31 December 2014 of
$18,000 and the expected inflows from the Lanstead instalments and
swap settlements (refer Section 2.1). The Company is in discussions
with a number of interested parties to finalise arrangements for
the required funding.
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
Richard Tonthat/ 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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