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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