TIDMTHR
RNS Number : 5907T
Thor Mining PLC
25 November 2021
25 November 2021
THOR MINING PLC
ISSUE OF EQUITY
The directors of Thor Mining Plc ("Thor" or the "Company") (AIM,
ASX: THR, OTCQB: THORF) announce the following issue of shares and
warrants:
Alford East Stage 1 Farmin
As reported to the market on 16 November 2021, the Company has
fulfilled its Stage 1 expenditure obligations under the Alford East
Farmin and Joint Venture Agreement (the "Agreement"), entitling the
Company to increase its interest to 51% of the oxide mineral rights
from Spencer Metals Pty Ltd ("Spencer") over the Alford East
Copper-Gold Project, South Australia.
Under the Stage 1 requirements, the Company has issued
15,625,000 Thor ordinary shares of 0.01p each ("Ordinary Shares")
to Spencer, being Ordinary Shares to the value of A$250,000 at an
issue price of A$0.016 per Ordinary Share based on the VWAP (volume
weighted average price) for the last five trading days on the ASX.
Additionally, under the stage 1 requirements, Thor has issued
31,250,000 warrants, exercisable at $0.03 anytime prior to expiry
on 25 November 2026.
Settlement and dealings
Application will be made to the AIM Market of the London Stock
Exchange ("AIM") for 15,625,000 Thor Ordinary Shares, pursuant to
the issue of shares, which rank pari passu with the Company's
existing issued Ordinary Shares, to be admitted to trading on AIM.
Dealings on AIM are expected to commence at 8:00am on or around 1
December 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 1,772,421,411 Ordinary Shares in issue with voting rights
attached. Thor holds no shares in treasury. This figure of
1,772,421,411 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.
- Ends -
For further information on the Company, please visit
www.thormining.com or contact the following:
Thor Mining PLC
Nicole Galloway Warland, Managing Director Tel: +61 (8) 7324 1935
Ray Ridge, CFO / Company Secretary Tel: +61 (8) 7324 1935
WH Ireland Limited (Nominated Adviser and Tel: +44 (0) 207 220 1666
Joint Broker)
Jessica Cave / Darshan Patel / Megan Liddell
Jasper Berry (Corporate Broking)
SI Capital Limited (Joint Broker) Tel: +44 (0) 1483 413
500
Nick Emerson
Yellow Jersey (Financial PR) thor@yellowjerseypr.com
Sarah Hollins / Henry Wilkinson Tel: +44 (0) 20 3004 9512
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; OTCQB: THORF) is a diversified
resource company quoted on the AIM Market of the London Stock
Exchange, ASX in Australia and OTCQB Market in the United
States.
The Company is advancing its diversified portfolio of precious,
base, energy and strategic metal projects across USA and Australia.
Its focus is on progressing its copper, gold, uranium and vanadium
projects, while seeking investment/JV opportunities to develop its
tungsten assets.
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, for
which drilling is currently underway.
At Alford East in South Australia, Thor is earning an 80%
interest in copper-gold deposits considered amenable to extraction
via In Situ Recovery techniques (ISR). In January 2021, Thor has
announced an Inferred Mineral Resource Estimate of 177,000 tonnes
contained copper & 71,000 oz gold(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% interest in two private companies with mineral
claims in the US states of Colorado and Utah with historical
high-grade uranium and vanadium drilling and production
results.
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. Diamond
drilling is currently underway to test potential extension to
mineralisation.
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.
Notes
(1)
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210127-maiden-copper.gold-estimate-alford-east-sa.pdf
(2)
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20172018/20180222-clarification-kapunda-copper-resource-estimate.pdf
(3)
www.thormining.com/sites/thormining/media/aim-report/20190815-initial-copper-resource-estimate---moonta-project---rns---london-stock-exchange.pdf
(4)
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210408-molyhil-mineral-resource-estimate-updated.pdf
(5)
www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200129-mineral-resource-estimates---bonya-tungsten--copper.pdf
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END
IOEBABLTMTBTMIB
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November 25, 2021 04:15 ET (09:15 GMT)
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