TIDMTHR
RNS Number : 5710V
Thor Mining PLC
14 December 2021
14 December 2021
THOR MINING PLC
Result of Placing
The directors of Thor Mining Plc ("Thor" or the "Company") (AIM,
ASX: THR, OTCQB: THORF) are pleased to announce a successful
placing of $2.75m (GBP1.5m), to fund exploration activities at the
Company's project interests, with particular emphasis on the Ragged
Range gold and nickel prospects in the Pilbara, Western Australia.
At the Company's request, trading in the shares of the Company have
been halted on the Australian Securities Exchange ("ASX") from
Monday 13 December 2021 while the Company completed the Placing in
Australia. Trading on the ASX will resume on Wednesday 15
December.
Highlights:
-- The Company has raised gross proceeds of $2.75m (GBP1.5m) via
the placing of 220,000,000 new ordinary shares of 0.01p each
("Ordinary Shares") (the "Placing Shares") at a price of $0.0125
(0.67 pence) per Ordinary Share (the "Placing")
-- All placees to receive, two options for each three Placing
Shares: one option to subscribe for a further new Ordinary Share at
$0.015 per Ordinary Share, valid for one year from the date of
issue and another one option to subscribe for a further new
Ordinary Share at $0.02 per Ordinary Share, valid for two years
from the date of issue (the "Options"). Thor intends to apply for
quotation of both classes of these options subject to meeting the
ASX's minimum listing requirements.
-- The Placing will not be subject to shareholder approval,
falling within the Company's existing shareholder authorities and
placement capacity.
-- Strong support was received from existing and new
shareholders, adding strength to the Company's share register.
Australian based PAC Partners Pty Ltd and DealAccess Pty Ltd
(DealAccess by PAC) acted as lead manager for the Placement.
-- As a show of confidence and interest in Thor, PAC Partners
and DealAccess have elected to take $90,000 of their fees in new
Ordinary shares in the Company at the deemed issued price of
$0.0125. PAC Partners and associates will also look to exercise
14,720,000 of their existing options following the capital raise,
raising an additional $147,200.
-- Funds raised to be utilised for exploration activities at the
Ragged Range gold & nickel project in the Pilbara region of
Western Australia, and for drilling at the Wedding Bell uranium and
vanadium Project, USA and Molyhil Critical Minerals Project, NT, as
well as for general working capital purposes.
Nicole Galloway Warland, Managing Director of Thor Mining,
commented:
" These funds will allow Thor to maintain its intensive
exploration programs at our exciting Ragged Range gold & nickel
project, including follow up RC drilling and regional exploration,
as well as exploration drilling at Wedding Bell Uranium-Vanadium
Project, USA and Molyhil tungsten-molybdenum-copper Project,
NT.
We are very pleased to have ongoing support from the Company's
existing shareholders, and welcome new shareholders to our share
register, who recognise the significant potential of our diverse
commodity portfolio.
W e look forward to drilling news flow expected from Ragged
Range and Alford East projects over the next few weeks, as well as
an update on the drilling status at our uranium and vanadium
prospects, USA."
Capital Raise
The Company has raised gross proceeds of $2.75m (GBP1.5m) via
the placing of 220,000,000 Placing Shares at a price of $0.0125
(0.67 pence) per Placing Share.
Placees to receive two Options for every three Placing Shares
subscribed, at one option to subscribe for a further new Ordinary
Share at $0.015 per Ordinary Share, valid for one year from the
date of issue and another one option to subscribe for a further new
Ordinary Share at $0.02 per Ordinary Share, valid for two years
from the date of issue.
Thor intends to apply for quotation of both classes of these
options subject to meeting the ASX's minimum listing
requirements.
Funds raised to be utilised for exploration activities,
including further drilling and regional exploration at Ragged Range
gold & nickel project, WA, drilling at Wedding Bell uranium and
vanadium Project, USA and exploration drilling at Molyhil
tungsten-molybdenum-copper Project, NT.
The Placing price represents a discount of c.17% to the closing
share price of $0.015 on 10 December 2021. The Placing Shares being
issued represent approximately 12% of the existing issued ordinary
share capital of the Company prior to the Placing.
The Company will grant 44,000,000 options to PAC Partners and
DealAccess as part consideration for services provided as lead
manager for the capital raise ("Broker Options"). These will be of
the same class as those classes of options issued to Placement
subscribers. 22,000,000 of the Broker Options have an exercise
price of A$0.015 and expire one year from grant date and 22,000,000
of the Broker Options have an exercise price of A$0.02 and expire
two years from grant date.
Share Issue
The Company will shortly issue 220,000,000 Ordinary Shares and
146,666,667 options, covering the Placement, both utilising the
Company's existing shareholder authorities. Additionally, the
Company will issue 7,200,000 Ordinary Shares to the Brokers in lieu
of fees.
Settlement and dealings
Application will be made for the Placing Shares to be admitted
to trading on AIM ("Admission") and it is expected that Admission
will become effective on or around 21 December 2021. The Placing
Shares will rank pari passu with the Company's existing issued
Ordinary Shares.
Total Voting Rights
For the purposes of the Financial Conduct Authority's Disclosure
Guidance and Transparency Rules ("DTRs"), following Admission of
the Placing Shares, Thor will have 1,999,621,411 Ordinary Shares in
issue with voting rights attached. Thor holds no shares in
treasury. The figure of 1,999,621,411 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.
This announcement contains inside information for the purposes
of Article 7 of the UK version of Regulation (EU) No 596/2014 which
is part of UK law by virtue of the European Union (Withdrawal) Act
2018, as amended ("MAR"). Upon the publication of this announcement
via a Regulatory Information Service, this inside information is
now considered to be in the public domain.
- Ends -
For further information on the Company, please visit
www.thormining.com or contact the following:
Thor Mining PLC
Nicole Galloway Warland, Managing Tel: +61 (8) 7324 1935
Director Tel: +61 (8) 7324 1935
Ray Ridge, CFO / Company Secretary
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
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
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.
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
ROIFFESWLEFSEIE
(END) Dow Jones Newswires
December 14, 2021 02:56 ET (07:56 GMT)
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