TIDMTHR
RNS Number : 9803R
Thor Mining PLC
01 November 2019
1 November 2019
THOR MINING PLC
NOTICE OF ANNUAL GENERAL MEETING
Thor Mining PLC ("Thor" or "the Company") (AIM, ASX: THR) has
today posted the notice of the Annual General Meeting to be held at
10am on 28 November 2019 at the offices of Grant Thornton UK LLP,
30 Finsbury Square, London EC2A 1AG (the "Annual General
Meeting").
In addition to the usual resolutions which are considered at an
Annual General Meeting, shareholders will be asked to consider the
Resolutions 6 to 13.
Resolutions 6 and 7 provide the directors with the appropriate
authorities, respectively, to issue shares and dis-apply
pre-emption rights for existing shareholders and it is the normal
procedure for such authority to be renewed at the annual general
meeting. Resolution 6 is a requirement under English company law
where the Company wishes to allot new relevant securities;
resolution 7 is a requirement under English company law where the
Company wishes to do so for cash without first offering those
securities on a pro rata basis to existing shareholders.
Resolution 8 seeks the approval from shareholders of a 10%
placement facility. ASX Listing Rule 7.1A enables eligible entities
to issue equity securities up to 10% of its issued share capital in
accordance with the terms set out in resolution 8 (10% Placement
Facility). The 10% Placement Facility is in addition to the
Company's 15% placement capacity under ASX Listing Rule 7.1. At
this Meeting the Company is seeking shareholder approval by way of
a special resolution to have the ability to issue additional equity
securities under the 10% Placement Facility.
Resolution 9 seeks shareholder approval to ratify under ASX
Listing Rule 7.4, the issue of 4,687,500 Ordinary Shares that were
previously issued within the Company's placement capacity under ASX
Listing Rule 7.1, on the 5 July 2019. The ratification under ASX
Listing Rule 7.4 has the effect of refreshing the Company's
placement capacity under ASX Listing Rule 7.1.
As announced on 22 October 2019, the Company raised a total of
UKGBP226,667, before expenses, through the placement of 113,333,333
ordinary shares at a price of GBP0.002 each, which were issued on
29 October 2019 (Tranche 1 Placement Securities). Placees were
identified by Hybridan LLP, as the lead broker, together with SI
Capital Ltd, and existing shareholders identified by the Board. The
Tranche 1 Placement Securities, were issued within the Company's
placement capacity under ASX Listing Rule 7.1, and may be ratified
under ASX Listing Rule 7.4. This has the effect of refreshing the
Company's placement capacity under ASX Listing Rule 7.1 for which
approval is being sought under resolution 10. Also announced on 22
October 2019, the Company has agreed to issue a further 129,166,667
ordinary shares, raising UKGBP258,333 before expenses (Tranche 2
Placement Securities) on the same terms as the Trance 1 Placement
Securities. The issue of the Trance 2 Placement Securities is
subject to shareholder approval, now being sought at this Meeting
under resolution 11. In addition, two directors, Mick Billing and
David Thomas have each agreed to participate in the placement on
the same terms and conditions as the Trance 1 Placement Securities
and Tranche 2 Placement Securities. Approval from shareholders is
required under ASX Listing Rule 10.11 to enable related parties of
the Company to participate in the placement and these approvals are
sought under resolution 12 for the issue of 10,000,000 ordinary
shares to Mr Billing and under Resolution 13 for the issue of
2,500,000 ordinary shares to Mr Thomas.
A copy of the Notice of Annual General Meeting is also available
on the Company's website, http://www.thormining.com/
Enquiries:
Mick Billing +61 (8) 7324 1935 Thor Mining PLC Executive Chairman
Ray Ridge +61 (8) 7324 1935 Thor Mining PLC CFO/Company
Secretary
Colin Aaronson/ +44 (0) 207 383 Grant Thornton UK Nominated Adviser
Richard Tonthat/ 5100 LLP
Ben Roberts
Claire Louise +44 (0) 203 764 Hybridan LLP Joint Broker, lead
Noyce / 2341 broker to the placing
John Beresford-Peirse
Nick Emerson +44 (0) 1483 413 SI Capital Ltd Joint Broker
500
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) is a resources company quoted on
the AIM Market of the London Stock Exchange and on ASX in
Australia.
Thor holds 100% of the advanced Molyhil tungsten project in the
Northern Territory of Australia, for which an updated feasibility
study in August 2018(1) suggested attractive returns.
Adjacent Molyhil, at Bonya, Thor holds a 40% interest in
deposits of tungsten, copper, and vanadium, including an Inferred
resource for the Bonya copper deposit(2).
Thor also holds 100% of the Pilot Mountain tungsten project in
Nevada USA which has a JORC 2012 Indicated and Inferred Resources
Estimate(3) on 2 of the 4 known deposits. The US Department of the
Interior has confirmed that tungsten, the primary resource mineral
at Pilot Mountain, has been included in the final list of Critical
Minerals 2018.
Thor is also acquiring up to a 60% interest Australian copper
development company Environmental Copper Recovery SA Pty Ltd, 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 in South Australia recoverable by way of in
situ recovery.
Thor has an interest in Hawkstone Mining Limited, an Australian
ASX listed company with a 100% Interest in a Lithium project in
Arizona, USA.
Finally, Thor also holds a production royalty entitlement from
the Spring Hill Gold project of:
-- A$6 per ounce of gold produced from the Spring Hill tenements
where the gold produced is sold for up to A$1,500 per ounce;
and
-- A$14 per ounce of gold produced from the Spring Hill
tenements where the gold produced is sold for amounts over A$1,500
per ounce.
Notes
(1) Refer ASX and AIM announcement of 23 August 2018
(2) Refer ASX and AIM announcement of 26 November 2018
(3) Refer AIM announcement of 13 December 2018 and ASX
announcement of 14 December 2018
Refer AIM announcement of 10 February 2016 and ASX announcement
of 12 February 2018
Refer AIM announcement of 26 February 2016 and ASX announcement
of 29 February 2016
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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