TIDMTHR
RNS Number : 0995M
Thor Mining PLC
19 January 2021
19 January 2021
THOR MINING PLC
INSTITUTIONAL PLACING TO RAISE GBP 750,000
The directors of Thor Mining Plc ("Thor" or the "Company") (AIM,
ASX: THR) are pleased to announce an institutional placing to allow
acceleration of the Company's gold, copper, and uranium project
interests.
Highlights:
-- The Company has raised gross proceeds of GBP750,000 via the
placing of 88,235,296, new ordinary shares of 0.01p each ("Ordinary
Shares") at a price of 0.85 pence per Ordinary Share
("Placing")
-- A London based specialist resources investor to invest GBP600,000.
-- Artemis Resources Limited (ASX:ARV), a company with major
gold exploration and development projects in Western Australia's
Pilbara, of which Thor director Mark Potter is Non Executive
Chairman, to also invest GBP150,000 in the Placing, following up on
their initial investment in 2020.
-- Placing Price represents a discount of 5.6% to the closing
price on Friday 15(th) January 2021.
-- Each placee to receive, one warrant for each two placing
shares, to subscribe for a further new Ordinary Share at UK 1.6
pence per Ordinary Share per share ("Warrant"), valid for two years
from the date of issue.
-- An additional 5,647,058 warrants exercisable at 0.85p within
three years of the date of issue to be issued to the lead investor
as an arrangement fee ("Broker Warrants").
-- Funds raised to be utilised for exploration activities at the
Ragged Range, gold & nickel project in the Pilbara Western
Australia, copper evaluation at Alford East in South Australia,
initial drilling of the uranium and vanadium projects in the USA,
and general working capital.
Mick Billing, Executive Chairman of Thor Mining, commented:
"We are very pleased to have the support of a new London based
specialist resource investor who has expressed an interest in the
Thor portfolio, and welcome the further support from ASX-listed
Artemis Resources Limited, who are actively exploring and
developing projects in the Pilbara region, and recognise the
potential of our Ragged Range Project."
"We look towards a very active period during the first half of
2021, with drilling news flow expected from Ragged Range gold,
Kapunda and Alford East copper projects, and also uranium and
vanadium prospects in the United States."
Capital Raise
The Company has raised gross proceeds of GBP750,000 via the
placing of 88,235,296 new Ordinary Shares at a price of 0.85 pence
per Ordinary Share.
Placees to receive one Warrant for each two shares, to subscribe
for a further new Ordinary Share at 1.6 pence per Ordinary Share,
valid for two years from the date of issue.
Share Issue
The Company will shortly issue 88,235,296 Ordinary Shares and
44,117,648 Warrants, covering the Placing, and 5,647,058 Broker
Warrants, utilising the Company's existing shareholder authorities.
The 88,235,296 Ordinary Shares will be issued utilising available
capacity under ASX Listing Rule 7.1A. The Warrants will be issued
utilising available capacity under ASX Listing Rule 7.1.
Settlement and dealings
Application will be made to the AIM Market of the London Stock
Exchange ("AIM") for a total of 88,235,296 new Ordinary Shares,
pursuant to the Placing, which will 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 27 January 2021 ("Admission").
Total Voting Rights
For the purposes of the Financial Conduct Authority's Disclosure
Guidance and Transparency Rules ("DTRs"), following Admission, Thor
will have 1,622,703,822 Ordinary Shares in issue with voting rights
attached, inclusive of the recently announced 18,500,000 Ordinary
Shares to be issued on 20 January 2021. Thor holds no shares in
treasury. This figure of 1,622,703,822 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.
The information contained within this announcement is deemed to
constitute inside information as stipulated under the UK Market
Abuse Regulation. 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) 207 383 Grant Thornton UK Nominated Adviser
George Grainger 5100 LLP
Nick Emerson +44 (0) 1483 SI Capital Ltd Broker
413 500
Updates on the Company's activities are regularly posted on
Thor's website w w w.th o r m i n i ng .c o m , 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.
At the 100% owned Ragged Range Project in the Pilbara region of
Western Australia, Thor has exciting early-stage results for which
gold and nickel drilling is being planned."
Thor also holds a 30% interest in Australian copper development
company EnviroCopper Limited, 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 .
EnviroCopper also holds rights to earn a 75% interest in portion of
the Alford West copper project also in South Australia, and is also
considered amenable to recovery by way of in situ recovery .
Thor is earning an 80% interest in the Alford East copper
project, on South Australia's Yorke Peninsula, where significant
historical copper mineralisation is considered amenable to insitu
recovery production.
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 Inferred
resource estimates for the Bonya copper deposit, and the White
Violet and Samarkand tungsten deposits(2).
Thor 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.
Thor holds mineral claims in the US states of Colorado and Utah
with historical high grade uranium and vanadium drilling and
production results.
Notes
(1) Refer ASX and AIM announcement of 23 August 2018
(2) Refer ASX and AIM announcement of 26 November 2018, and 29
January 2020
(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 ASX and AIM announcement of 15 August 2019
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END
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