Thor Mining PLC Placing and Appointment of Joint Broker (9022U)
January 24 2017 - 2:00AM
UK Regulatory
TIDMTHR
RNS Number : 9022U
Thor Mining PLC
24 January 2017
24 January 2017
THOR MINING PLC
Placing and Appointment of Joint Broker
The Directors of Thor Mining PLC ("Thor" or the "Company") (AIM,
ASX: THR) are pleased to announce a capital raising of a total of
GBP262,500, before expenses, through the placing of 50,000,000
ordinary shares of 0.01p each ("Ordinary Shares") at a price of
0.525p each, with certain existing investors and new investors (the
"Placing and Subscription"). The Placing and Subscription was
undertaken by Beaufort Securities Limited. Under the Placing and
Subscription, subscribers for the Ordinary Shares will also be
granted one free attaching warrant for every two shares subscribed
for ("Warrants"); each Warrant entitles the holder to subscribe for
a further Ordinary Share at a price of 0.9p per share, valid for a
period of 18 months from the date of issue.
Placing and Subscription summary
The Placing and Subscription will raise in aggregate GBP262,500,
through the placing of 50,000,000 Ordinary Shares at a price of
0.525p per share. Placees will also be granted one Warrant for
every two Ordinary Shares subscribed.
In connection with the Placing and Subscription, the Company has
also agreed to issue 1,300,000 warrants over Ordinary Shares to
Beaufort Securities Limited (the "Broker Warrants"). Each Broker
Warrant entitles the holder to subscribe for one Ordinary Share at
an exercise price of 0.9p per Ordinary Share. The Broker Warrants
will be exercisable at any time for a period of 18 months from the
date of issue.
The net proceeds of the Placing and Subscription will enable the
Company to accelerate the drilling program at its Pilot Mountain
project in Nevada, including scheduling additional drilling if, as
anticipated, the Company intersects mineralisation. The Placing and
Subscription will also provide the Company with additional working
capital.
Settlement and dealings
Application has been made for the admission to trading on the
AIM Market of the London Stock Exchange ("AIM") for 50,000,000
Ordinary Shares, which rank pari passu with the Company's existing
issued Ordinary Shares. Dealings on AIM are expected to commence at
8:00am on or around 27 January 2017 ("Admission").
Total Voting Rights
For the purposes of the Financial Conduct Authority's Disclosure
Guidance and Transparency Rules ("DTRs"), following Admission, Thor
will have 367,158,340 Ordinary Shares in issue with voting rights
attached. Thor holds no shares in treasury. This figure of
367,158,340 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
DTRs.
Appointment of Joint Sponsoring Broker
From the date of this announcement the Directors also advise the
appointment of Beaufort Securities Limited as joint sponsoring
broker to the Company alongside SI Capital Ltd.
Mr Mick Billing, Executive Chairman, commented:
"We are delighted with this support from some of our existing
investors and the new relationship with clients of Beaufort
Securities Limited. These new funds will allow us to accelerate
and, hopefully, with on the ground success, extend the drilling
program scheduled to start shortly at Pilot Mountain along with the
additional programs signalled for Pilot Mountain and the Dundas
gold project later in 2017".
The information contained within this RNS is considered to be
inside information, for the purposes of Article 7 of EU Regulation
596/2014, prior to its release.
Enquiries:
Mick Billing +61 (8) 7324 1935 Thor Mining PLC Executive
Chairman
Ray Ridge +61 (8) 7324 1935 Thor Mining PLC CFO/Company
Secretary
Colin Aaronson/ +44 (0) 207 383 5100 Grant Thornton UK Nominated
Daniel Bush/ LLP Adviser
Richard Tonthat
Elliot Hance +44 (0) 207382 8300 Beaufort Securities Joint Broker
Limited
Nick Emerson +44 (0) 1483 413 500 SI Capital Ltd Joint Broker
/
Andy Thacker
Tim Blythe/ +44 (0) 207 138 3222 Blytheweigh Financial
Camilla PR
Horsfall
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, and on the Company's
twitter page @ThorMining.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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