TIDMTHR
RNS Number : 2302K
Thor Energy PLC
23 August 2023
23 August 2023
Thor Energy PLC
("Thor" or the "Company")
Result of General Meeting and Share Capital Consolidation
The directors of Thor Energy PLC (AIM, ASX: THR, OTCQB: THORF)
announces that at a General Meeting ("GM") held earlier today, all
resolutions were passed.
All resolutions were passed, with the poll results as
follows:
Resolution For Against Withheld
1 317,859,610 46,982,020 1,333,591
------------ ----------- ----------
2 311,530,635 33,947,017 5,072,569
------------ ----------- ----------
3 299,065,232 59,931,105 8,434,984
------------ ----------- ----------
4 272,950,001 87,296,336 7,184,984
------------ ----------- ----------
5 288,769,927 71,476,410 7,184,984
------------ ----------- ----------
As a result of Resolution 1 having been passed at the General
Meeting, shareholders have approved the reduction in the number of
Ordinary Shares by way of a consolidation on the basis of 10
Ordinary Shares into one new ordinary share of 0.01p each ("New
Ordinary Share") (collectively the "Consolidation").
The Consolidation will become effective and CREST accounts
updated at 6 p.m. (UK time) on 30 August 2023. At the Record Date,
being 6 p.m. on 30 August 2023, the 2,392,912,840 Existing Ordinary
Shares will be consolidated into 239,291,284 New Ordinary
Shares.
Application has been made for 239,291,284 New Ordinary Shares to
be admitted to trading on AIM. Dealings in the New Ordinary Shares
are expected to commence at 8:00 a.m. on 31 August 2023 under new
ISIN GB00BRJ52319 and SEDOL BRJ5231 ("New Ordinary Share
Admission"). Certificates in respect of the New Ordinary Shares are
expected to be issued by 6 September 2023.
Following New Ordinary Share Admission, the share capital of the
Company will be comprised of 239,291,284 New Ordinary Shares of
which no shares are held in treasury. Therefore, the total number
of voting rights in the Company is 239,291,284. Shareholders may
use this figure 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 FCA's
Disclosure and Transparency Rules.
A fractional entitlement will arise as a result of the
Consolidation unless a holding of Ordinary Shares prior to the
Consolidation is exactly divisible by 10. For example, a
shareholder holding 406 Ordinary Shares would be entitled to 40 New
Ordinary Shares and a fractional entitlement of 0.6 of a New
Ordinary Share after the consolidation of shares.
Any fractional entitlements arising from the Consolidation will
be aggregated and sold in the market. The costs, including the
associated professional fees and expenses, that would be incurred
in distributing such proceeds are likely to exceed the total net
proceeds. The Board is therefore of the view that, as a result of
the disproportionate costs in such circumstances, it would not be
in the Company's best interests to distribute such proceeds. The
proceeds will instead be retained for the benefit of the Company in
accordance with the resolution.
Following the Consolidation, save for any adjustment resulting
from fractional entitlements, all shareholders will retain the same
percentage interest in the Company's issued ordinary share capital
as that held immediately prior to the implementation of the
Consolidation. Shareholders holding fewer than 10 Ordinary Shares
immediately prior to the Consolidation will cease to be
shareholders of the Company.
Upon completion of the Consolidation, the number of warrants in
issue will be consolidated in the same ratio as the Ordinary Shares
and their exercise price will be amended in inverse proportion to
that ratio, such that following the Capital Reorganisation, the
Company will have approximately 47,390,478 ASX listed warrants
(THROC and THROD) and 10,123,057 unlisted warrants in issue.
3,000,000 Performance Shares (the subject matter of resolutions
3, 4 and 5) are expected to be granted shortly after the completion
of the Consolidation.
This announcement should be read in conjunction with the Notice
of GM that was published on 4 August 2023, copies of which are
available on the Company's website at https://thorenergyplc.com/
and the Company's announcement titled 'Proposed Share Consolidation
and Notice of General Meeting' on 4 August 2023 (the
"Announcement"). Capitalised terms in this announcement have the
same meaning as given in the Announcement and Notice of GM, unless
the context provides otherwise.
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 Tel: +44 (0) 207
and 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 3004
/ Bessie Elliot 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 km2 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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