TIDMTHR
RNS Number : 6246Q
Thor Mining PLC
22 October 2019
22 October 2019
THOR MINING PLC
Placing and Subscription
The Directors of Thor Mining PLC ("Thor" or the "Company") (AIM,
ASX: THR) are pleased to announce a placing and subscription by
directors to fund planned activities to progress the Company's
tungsten and copper projects and provide working capital.
Highlights:
-- The Company has raised gross proceeds of GBP510,000 through
the placing of 113,333,333 new ordinary shares of 0.01p each
("Ordinary Shares") and the conditional placing of 141,666,667 new
Ordinary Shares at a price of 0.2p each (the "Placing and
Subscription");
-- Chairman Mick Billing to invest GBP20,000, and Non-executive
Director David Thomas to invest GBP5,000 in the placing, subject to
shareholder approval;
-- The Company's largest shareholder, Metal Tiger plc, is to
participate in the Placing and Subscription; and
-- Funds raised increase existing cash balances and enables the
Company to progress work primarily at its core Molyhil (100% Thor)
and adjacent Bonya (40% Thor) tungsten and molybdenum projects in
the Northern Territory in Australia, and the EnviroCopper Ltd.
In-Situ Copper Recovery project in South Australia, in which Thor
currently holds a 25% stake.
Mr Mick Billing, Executive Chairman, commented:
"We are delighted by the continuing support of our existing
shareholders and of course welcome new investors to the
Company.
The use of proceeds will be directed towards continuing to
develop, primarily, our flagship Molyhil project, including
drilling, scoping, and permitting studies at nearby Bonya, and
field pump and recovery trials at EnviroCopper. This is expected to
advance both projects materially, as well as giving Thor an
increased runway to develop its ongoing discussions regarding
securing project finance for Molyhil, about which we look forward
to updating investors in due course.
The recent sustained strengthening of the tungsten price and
resource upgrade at Molyhil, plus imminent results from Bonya ,
have the potential to improve the outlook for progressing this late
stage project towards development and project financing. We are
also looking forward to field test work and feasibility activities
at Kapunda by EnviroCopper which we hope will provide further
validation to the property as a viable copper (and potentially
gold) project amenable to In-Situ Recovery."
Placing and Subscription summary
The Placing and Subscription will raise aggregate gross proceeds
of GBP510,000, through the issue of a total of 255,000,000 Ordinary
Shares at a price of 0.2p per Ordinary Share. The Placing and
Subscription was undertaken by Hybridan LLP, as lead broker,
together with SI Capital Ltd.
The Company will shortly issue 113,333,333 Ordinary Shares,
utilising its existing shareholder authorities, and will convene a
general meeting of the Company at which shareholders will be asked
to grant the Directors the necessary authorities to issue the
remaining 141,666,667 (the "Conditional Placing").
Director Participation in the Placing and Subscription
Mick Billing and David Thomas, both directors of the Company,
propose to participate in the conditional Placing and Subscription
by subscribing for 10,000,000 and 2,500,000 new Ordinary Shares
respectively on the terms above, for an aggregate subscription of
GBP25,000, subject to shareholder approval at a forthcoming general
meeting of shareholders.
A notice of Annual General Meeting ("AGM"), expected to be held
on or around 28 November 2019, will shortly be sent to
shareholders, in order to seek, along with normal AGM agenda items,
approvals for increased director authorities to issue Ordinary
Shares, to be used in the first instance to issue the Ordinary
Shares pursuant to the Placing and Subscription. Further
announcements will be made in this respect as soon as
practicable.
Subject to receiving shareholder approval at the forthcoming AGM
to be convened shortly, and assuming there are no further changes
to the shareholdings and warrant holdings of Mick Billing and David
Thomas before the completion of the Conditional Placing, the
beneficial holdings of these directors and their connected parties
will be as follows:
Director Amount subscribed Ordinary Resultant Resultant percentage Existing
LIR Shares to holding of holding (of Warrants
be issued Ordinary enlarged issued held
Shares share capital)
Mick Billing 20,000 10,000,000 45,407,423 4.22% 7,500,000
David Thomas 5,000 2,500,000 11,910,969 1.11% 5,500,000
The participation by Mick Billing and David Thomas in the
conditional Placing and Subscription constitute related party
transactions for the purposes of AIM Rule 13. The independent
directors, having consulted with the Company's nominated adviser,
Grant Thornton UK LLP, consider that the terms of the related party
transactions are fair and reasonable in so far as the Company's
shareholders are concerned.
Settlement and dealings
Application will be made to the AIM Market of the London Stock
Exchange ("AIM") for a total of 113,333,333 Ordinary Shares,
pursuant to the Placing and Subscription, which rank pari passu
with the Company's existing issued Ordinary Shares, to be admitted
to trading. Dealings on AIM are expected to commence at 8:00am on
or around 29 October 2019 ("Admission").
Dealings on AIM for the 141,666,667 Ordinary Shares making up
the Conditional Placing are expected to commence at 8:00am on or
around 29 November 2019, assuming shareholder approval is received
at the forthcoming AGM.
Total Voting Rights
For the purposes of the Financial Conduct Authority's Disclosure
Guidance and Transparency Rules ("DTRs"), following Admission, Thor
will have 934,980,196 Ordinary Shares in issue with voting rights
attached. Thor holds no shares in treasury. This figure of
934,980,196 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.
Subject to receiving shareholder approval at the forthcoming
AGM, in order to complete the Conditional Placing, and assuming
Thor issues no further Ordinary Shares in the meantime, following
the completion of the Conditional Placing expected on or around 29
November 2019, Thor will have 1,076,646,863 Ordinary Shares in
issue.
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
Enquiries:
Mick Billing +61 (8) 7324 Thor Mining PLC Executive Chairman
1935
Ray Ridge +61 (8) 7324 Thor Mining PLC CFO/Company
1935 Secretary
Colin Aaronson/ +44 (0) 207 Grant Thornton UK Nominated Adviser
Richard Tonthat/ 383 5100 LLP
Ben Roberts
Claire Louise +44 (0) 203 Hybridan LLP Joint Broker, lead
Noyce / 764 2341 broker to the placing
John Beresford-Peirse
Nick Emerson +44 (0) 1483 SI Capital Ltd Joint Broker
413 500
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.
About Thor Mining PLC
Thor Mining PLC (AIM, ASX: THR) is a resources company quoted on
the AIM Market of the London Stock Exchange and on ASX in
Australia.
Thor holds 100% of the advanced Molyhil tungsten project in the
Northern Territory of Australia, for which an updated feasibility
study in August 2018(1) suggested attractive returns.
Adjacent Molyhil, at Bonya, Thor holds a 40% interest in
deposits of tungsten, copper, and vanadium, including an Inferred
resource for the Bonya copper deposit(2).
Thor also holds 100% of the Pilot Mountain tungsten project in
Nevada USA which has a JORC 2012 Indicated and Inferred Resources
Estimate(3) on 2 of the 4 known deposits. The US Department of the
Interior has confirmed that tungsten, the primary resource mineral
at Pilot Mountain, has been included in the final list of Critical
Minerals 2018.
Thor is also acquiring up to a 60% interest Australian copper
development company Environmental Copper Recovery SA Pty Ltd, which
in turn holds rights to earn up to a 75% interest in the mineral
rights and claims over the resource on the portion of the historic
Kapunda copper mine in South Australia recoverable by way of in
situ recovery.
Thor has an interest in Hawkstone Mining Limited, an Australian
ASX listed company with a 100% Interest in a Lithium project in
Arizona, USA.
Finally, Thor also holds a production royalty entitlement from
the Spring Hill Gold project of:
-- A$6 per ounce of gold produced from the Spring Hill tenements
where the gold produced is sold for up to A$1,500 per ounce;
and
-- A$14 per ounce of gold produced from the Spring Hill
tenements where the gold produced is sold for amounts over A$1,500
per ounce.
Notes
(1) Refer ASX and AIM announcement of 23 August 2018
(2) Refer ASX and AIM announcement of 26 November 2018
(3) Refer AIM announcement of 13 December 2018 and ASX
announcement of 14 December 2018
Refer AIM announcement of 10 February 2016 and ASX announcement
of 12 February 2018
Refer AIM announcement of 26 February 2016 and ASX announcement
of 29 February 2016
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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