REG - Thor Energy PLC - Completion of Acquisition and TVR

Thor EnergyAnnouncement

17/02/2025 07:00

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RNS Number : 3257X  Thor Energy PLC  17 February 2025

17 February 2025

Thor Energy PLC

 

("Thor" or the "Company")

 

Completion of the Acquisition of Go Exploration Pty Ltd and Total Voting
Rights

 

Further to the announcement on 30 October 2024 in relation to the acquisition
announcement and subsequent shareholder approval received at the Company's
annual general meeting held on 28 November 2024 ("AGM"), the Directors of Thor
Energy Plc are pleased to announce the completion of the acquisition of 80.2%
of the issued share capital of Go Exploration Pty Ltd ("Go Exploration"), the
Australian-based natural (white) hydrogen and helium explorer (the
"Acquisition").

 

Highlights:

·    Acquisition of 80.2% of white hydrogen and helium explorer Go
Exploration to be satisfied by the issue of 466,462,584 new ordinary shares in
the Company (the "Consideration Shares"). The Sellers acknowledge and agree
that 70% of the Consideration Shares shall be subject to 6 months voluntary
lock-in.

·    Go Exploration holds one of only 4 granted hydrogen and helium
exploration licences in South Australia (PEL 120) and strategic, high
potential application areas covered by applications (PELAs 697 and 709).

·    PEL 120, is located near the notable Gold Hydrogen Limited Ramsay-1
and Ramsay-2 hydrogen and helium discoveries.

·    Independent assessment of natural hydrogen and helium resources at
PEL120 already underway, results expected soon.

·    Go Exploration portfolio positioned for rapid generation of drill
ready targets (PEL 120) and follow up in high generative potential areas
(PELAs).

·    Acquisition in line with Thor strategy to focus on the 'clean' energy
economy.

·    Issue of 25,000,000 new ordinary shares in the Company to Orana
Corporate LLP ("Orana") in consideration for consultancy services provided by
Orana to Go Exploration in respect of the Acquisition ("Consultant Shares").

 

Andrew Hume, Managing Director, commented: "This is a truly transformative
acquisition for Thor Energy. The addition of Go Exploration's highly
prospective hydrogen and helium licences, particularly the granted licence PEL
120 with its proximity to recent significant discoveries, positions Thor at
the forefront of natural hydrogen and helium exploration in Australia. We are
incredibly excited about the potential of these assets, especially as we look
forward to the upcoming resource statement, and the opportunity to rapidly
advance exploration and development. This acquisition aligns perfectly with
our strategic focus on clean energy resources and significantly strengthens
our portfolio. We welcome the Go Exploration team and look forward to working
together to unlock the immense value of these projects for our shareholders."

 

Alastair Clayton, Executive Chairman, commented: "This acquisition represents
a significant milestone for Thor Energy and is the culmination of a great deal
of hard work and we are pleased to have been able to bring this transaction to
a successful close. I believe our post-transaction market capitalisation when
compared to our Australian and international peers makes the Company a
compelling proposition."

 

Admission and Total Voting Rights

 

Following the AGM and completion of the Acquisition, the Company will
issue 466,462,584 Consideration Shares and 25,000,000 Consultant Shares.

 

Application has been made to the London Stock Exchange for admission of
the Consideration Shares and Consultant Shares, aggregating in 491,462,584
new ordinary shares, to trading on AIM and to the ASX for admission on that
market. It is expected that admission will become effective and dealings in
the Conditional Fundraise Shares commence at 8.00 a.m. on 20 February 2025.

 

Following the admission of the Consideration Shares and Consultant Shares,
the total number of Ordinary Shares in the capital of the Company in issue
will be 1,003,405,968 with voting rights. This figure may be used by
shareholders 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, Thor under the Financial Conduct Authority's Disclosure
Guidance and Transparency Rules.

 

Unless otherwise defined, all capitalised terms in this announcement have the
meaning given to them in the announcement made at 8.00 on 30 October 2024 or
the Notice of AGM posted to shareholders on 31 October 2024.

-ENDS-

 

The Board of Thor Energy Plc has approved this announcement and authorised its
release.

 

For further information on the Company, please visit the website
(https://thorenergyplc.com/)  or please contact the following:

 

Thor Energy PLC

Alastair Clayton, Executive Chairman

Rowan Harland, Company Secretary

Tel: +61 (8) 6555 2950

 

Zeus (Nominated Adviser and Joint Broker)

Antonio Bossi / Darshan Patel / Gabriella Zwarts

Tel: +44 (0) 203 829 5000

 

SI Capital Limited (Joint Broker)

Nick Emerson

Tel: +44 (0) 1483 413 500

 

Yellow Jersey (Financial PR)

Dom Barretto / Shivantha Thambirajah / Bessie Elliot

thor@yellowjerseypr.com (mailto:thor@yellowjerseypr.com)

Tel: +44 (0) 20 3004 9512

 

About Thor Energy Plc

 

The Company is predominantly focused on uranium and energy metals and hydrogen
and helium that are crucial in the shift to a clean energy economy.

 

For further information on Thor Energy and to see an overview of its projects,
please visit the Company's website at https://thorenergyplc.com/
(https://thorenergyplc.com/) .

 

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