TIDMTHR

RNS Number : 3450I

Thor Energy PLC

04 August 2023

4 August 2023

Thor Energy Plc

("Thor" or the "Company")

Proposed Share Consolidation and Notice of General Meeting

Thor Energy PLC ("Thor" or "the Company") (AIM, ASX: THR, OTCQB: THORF) announces that it has today posted to shareholders a Notice of General Meeting ("GM") to be held on 23 August 2023 at 10 a.m. (British Summer Time) at the offices of WH Ireland Limited, 24 Martin Lane, London, EC4R 0DR.

The purpose of the GM is to seek shareholder approval for:

-- A share consolidation on the basis of 1 New Ordinary Share of GBP0.001 for every 10 Existing Ordinary Shares of GBP0.0001 each ("Consolidation")

-- The issue and allotment of Ordinary Shares and accompanying Options to Spencer Metals Pty Ltd, as consideration for the completion of the acquisition of 29% interest in a portion of exploration licences

   --    The issue of Performance Shares to each of the Directors 

Proposed Share Consolidation

The Company has a large number of Shares on issue, which is disproportionate relative to the Company's peers. In addition, for shares of low denominations, small absolute movements in the share price can represent large percentage movements resulting in volatility and the bid-offer spread on shares priced at low absolute levels can be disproportionate to the share price and therefore to the detriment of Shareholders. For these reasons, the Board is of the view that it would benefit the Company and Shareholders to reduce the number of Existing Ordinary Shares in issue with a resulting adjustment in the market price of such shares, by consolidating the Existing Ordinary Shares on the basis of 1 New Ordinary Share of GBP0.001 for every 10 Existing Ordinary Shares of GBP0.0001 each.

The timetable for the Consolidation, if approved by shareholders, is as follows:

 
 Event                                                            Date* 
 Company announces Consolidation, sends Notice of General       04/08/2023 
  Meeting to Shareholder and lodges Appendix 3A.3 with the 
  ASX 
                                                               ----------- 
 Company advises whether shareholders have approved the         23/08/2023 
  Consolidation 
                                                               ----------- 
 Effective Date                                                 25/08/2023 
                                                               ----------- 
 Last day for trading of pre-Consolidation securities (ASX)     28/08/2023 
                                                               ----------- 
 Trading of Consolidated securities on a deferred settlement    29/08/2023 
  basis begins (ASX) 
                                                               ----------- 
 Record date - Last day for Company to register transfers       30/08/2023 
  on a pre-Consolidation basis 
                                                               ----------- 
 Consolidation effective                                        31/08/2023 
  First day to enter post consolidated holdings into holder's 
  security holdings and send new holding statements and 
  new certificates to Securityholders 
                                                               ----------- 
 Last day for the Company to enter post consolidated holdings   06/09/2023 
  into holder's Security holdings and send holding statements 
  and new certificates to Security holders 
  Deferred settlement market ends (ASX) 
                                                               ----------- 
 Normal trading starts following consolidation (ASX)            07/09/2023 
                                                               ----------- 
 

*Indicative and subject to change in accordance with the ASX Listing Rules.

Admission to AIM

The Consolidation is conditional upon admission of the New Ordinary Shares to trading on AIM. Application for such admission will be made so as to enable the New Ordinary Shares to be admitted to trading on AIM as soon as practicable following the Record Date. It is expected that admission will become effective on the commencement of trading on 31 August 2023, whereupon the Consolidation will be effective.

If you are a registered holder of Thor's Ordinary Shares, whether or not you are able to attend the meeting, you can use a form of proxy, enclosed in the Notice of GM, to appoint one or more persons to attend and vote on a poll on your behalf. A proxy need not be a member of the Company. Further details on how to vote are included within the Notice of GM.

A copy of the Notice of GM will also be made available on the Company's website at www.thorenergyplc.com .

For further information, please contact:

 
 Thor Energy PLC 
 Nicole Galloway Warland, Managing Director     Tel: +61 (8) 7324 
  Ray Ridge, CFO / Company Secretary             1935 
                                                 Tel: +61 (8) 7324 
                                                 1935 
 WH Ireland Limited (Nominated Adviser and      Tel: +44 (0) 207 
  Joint Broker)                                  220 1666 
 Antonio Bossi / Darshan Patel / Isaac Hooper 
 SI Capital Limited (Joint Broker)              Tel: +44 (0) 1483 
                                                 413 500 
 Nick Emerson 
 Yellow Jersey (Financial PR)                   thor@yellowjerseypr.com 
 Sarah Hollins / Shivantha Thambirajah /        Tel: +44 (0) 20 
  Bessie Elliot                                  3004 9512 
 

Updates on the Company's activities are regularly posted on Thor's website https://thorenergyplc.com which includes a facility to register to receive these updates by email, and on the Company's twitter page @thorenergyplc

About Thor Energy Plc

The Company is focused on uranium and energy metals that are crucial in the shift to a 'green' energy economy. Thor has a number of highly prospective projects that give shareholders exposure to uranium, nickel, copper, lithium and gold. Our projects are located in Australia and the USA.

Thor holds 100% interest in three uranium and vanadium projects (Wedding Bell, Radium Mountain and Vanadium King) in the Uravan Belt Colorado and Utah, USA with historical high-grade uranium and vanadium drilling and production results.

Thor owns 100% of the Ragged Range Project, comprising 92 km(2) of exploration licences with highly encouraging early-stage gold and nickel results in the Pilbara region of Western Australia.

At Alford East in South Australia, Thor is earning an 80% interest in oxide copper deposits considered amenable to extraction via In-Situ Recovery techniques (ISR). In January 2021, Thor announced an Inferred Mineral Resource Estimate(1). 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 and the Alford West copper project, both situated in South Australia, and both considered amenable to recovery by way of ISR.(2)(3)

Thor holds 100% of the advanced Molyhil tungsten project, including measured, indicated and inferred resources , in the Northern Territory of Australia, which was awarded Major Project Status by the Northern Territory government in July 2020. Thor executed a $A8m Farm-in and Funding Agreement with Investigator Resources Limited (ASX: IVR) to accelerate exploration at the Molyhil Project on 24 November 2022.(6)

Adjacent to 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. Thor's interest in the Bonya tenement EL29701 is planned to be divested as part of the Farm-in and Funding agreement with Investigator Resources Limited.(6)

Notes

(1) https://thorenergyplc.com/investor-updates/maiden-copper-gold-mineral-resource-estimate-alford-east-copper-gold-isr-project/

(2) www.thorenergyplc.com/sites/thormining/media/pdf/asx-announcements/20172018/20180222-clarification-kapunda-copper-resource-estimate.pdf

(3) www.thorenergyplc.com/sites/thormining/media/aim-report/20190815-initial-copper-resource-estimate---moonta-project---rns---london-stock-exchange.pdf

(4) https://thorenergyplc.com/investor-updates/molyhil-project-mineral-resource-estimate-updated/

(5) www.thorenergyplc.com/sites/thormining/media/pdf/asx-announcements/20200129-mineral-resource-estimates---bonya-tungsten--copper.pdf

(6) https://thorenergyplc.com/wp-content/uploads/2022/11/20221124-8M-Farm-in-Funding-Agreement.pdf

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August 04, 2023 02:00 ET (06:00 GMT)

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