RNS Number : 7860O
Thor Mining PLC
12 October 2021
12 October 2021
THOR MINING PLC
("Thor" or the "Company")
Notice of AGM
Proposed issue of warrants to Directors and
Proposed issue of shares
Thor Mining PLC ("Thor" or "the Company") (AIM, ASX: THR) has
today posted the Notice of the Annual General Meeting ("AGM") to be
held at the offices of WH Ireland Limited, 24 Martine Lane, London,
EC4R 0DR on 10 November 2021 at 10am (Greenwich Mean Time).
Due to the ongoing COVID-19 pandemic if it is necessary for Thor
to give further updates on the arrangements for the AGM, we will
inform you through our investor website https://www.thormining.com/
and with an appropriate announcement.
The purpose of the AGM is to consider, and if thought fit, pass
the resolutions contained in the Notice. In addition to the usual
resolutions which are considered at an AGM, the Directors of Thor
would like to draw your attention to Resolutions 6 to 9 inclusive
relating to the proposed issue of warrants to Directors, and
Resolutions 11 and 12 relating to the proposed issue of shares for
an acquisition, as explained further below.
Following the announcement of Thor's audited annual financial
report for the year ended 30 June 2021 announced on 30 September
2021, the Company's full annual report, including Chairman's
statement, ASX additional information and list of tenements, is
available for review on the Company's website.
Proposed Issue of Shares for an acquisition
As announced on 20 November 2020, Thor acquired an interest in
the oxide mineral rights from Spencer Metals Pty Ltd ("Spencer")
over the Alford East copper-gold project. This acquisition involves
various staged payments and therefore Resolution 11 seeks
shareholder approval for the purposes of ASX Listing Rule 7.1 to
the issue and allotment of Ordinary Shares and accompanying options
to Spencer as consideration for the completion of 'Stage 1', the
acquisition of a 51% interest in a portion of exploration licences,
in accordance with the Stage 1 Expenditure agreement.
Resolution 12 is in accordance with the Second Option
arrangement with Spencer and seeks shareholder approval for the
purposes of ASX Listing Rule 7.1 to the issue and allotment of
Ordinary Shares and accompanying options to Spencer as
consideration for 'Stage 2', the completion of the acquisition of a
further 29% interest, taking the total interest to 80%.
Proposed issue of warrants to Directors
Resolutions 6 to 9 inclusive, seek shareholder approval for the
purposes of ASX Listing Rule 10.11, for the issue of 8,000,000
Warrants to each of the Non-Executive Directors Messrs Potter,
Clayton and McGeough and 12,000,000 Warrants to the Managing
Director, Ms Nicole Galloway Warland. ASX Listing Rules requires
shareholder approvals for the issue of these securities, as
Directors are considered a related party of the Company for ASX
Listing Rule purposes.
The proposed warrants have an exercise price of 1.3 pence and
may be exercised at any time from the issue date through to 4 years
following the issue date.
Resolution 6 relates to Ms Galloway Warland and is subject to
Resolution 2 being Ms Galloway Warland's re-election as a Director.
Ms Galloway Warland currently holds 250,000 Ordinary Shares,
together with 4,000,000 warrants. Following the issue of the
proposed warrants, Ms Galloway Warland will hold a total of 250,000
Ordinary Shares, together with 16,000,000 warrants.
Resolution 7 relates to Mr Clayton and is subject to Resolution
3 being Mr Clayton's re-election as a Director. Mr Clayton holds no
Ordinary Shares nor warrants.
Resolution 8 relates to Mr Potter and is subject to Resolution 4
being Mr Potter's re-election as a Director. Mr Potter currently
holds 2,910,831 Ordinary Shares, together with 8,000,000 warrants.
Following the issue of these securities, Mr Potter will hold a
total of 2,910,831 Ordinary Shares, together with 16,000,000
Resolution 9 relates to Mr McGeough. Mr McGeough currently holds
1,861,765 Ordinary Shares. Following the issue of these securities,
Mr McGeough will hold a total of 1,861,765 Ordinary Shares,
together with 8,000,000 warrants.
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 Tel: +44 (0) 207 220
and Joint Broker) 1666
Jessica Cave / Darshan Patel
Jasper Berry (Corporate Broking)
SI Capital Limited (Joint Broker) Tel: +44 (0) 1483 413
Yellow Jersey (Financial PR) email@example.com
Sarah Hollins / Henry Wilkinson Tel: +44 (0) 20 3004
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
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
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 planned in the second half of 2021.
At Alford East in South Australia, Thor is earning an 80%
interest in copper deposits considered amenable to extraction via
In Situ Recovery techniques (ISR). In January 2021, Thor 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)
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
Thor holds 100% of the advanced Molyhil tungsten project,
including indicated and inferred resources , in the Northern
Territory of Australia, which was awarded Major Project Status by
the Northern Territory government in July 2020.
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 holds 100% of the Pilot Mountain tungsten project in
Nevada, USA which is subject to a sale option agreement.(6)
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(END) Dow Jones Newswires
October 12, 2021 03:29 ET (07:29 GMT)
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