REG - Thor Energy PLC - Equity Placing to Accelerate Uranium Drilling

Thor EnergyAnnouncement

20/09/2023 07:00

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RNS Number : 9621M  Thor Energy PLC  20 September 2023

20 September 2023

Thor Energy Plc

 

("Thor" or the "Company")

 

Equity Placing to Accelerate Uranium Drilling

Wedding Bell and Radium Mountain Projects, USA

 

The directors of Thor Energy Plc ("Thor" or the "Company") (AIM, ASX: THR,
OTCQB: THORF) are pleased to announce a successful capital raise of AUD$1m to
accelerate exploration activities at the Company's 100% owned uranium assets,
located in the historic uranium-vanadium mining district within the Uravan
Mineral Belt, in Colorado and Utah, USA (Figure 1).

Highlights:

§ The Company has raised gross proceeds of AUD$1m via a placing of 23,809,524
new ordinary shares and Australian Securities Exchange-listed ("ASX") CDI's
("Ordinary Shares") (the "Placing Shares") at a price of AUD$0.042 (4.2 cents)
per Ordinary Share (the "Placing"), well above the 15 VWAP of $0.0384.

§ Strategic small placement limited to AUD$1m saw strong demand with
scale-backs.

§ Strong support was received from existing and new shareholders,
strengthening the Company's share register. GBA Capital Pty Ltd acted as lead
manager for the Placing.

§ Funds raised will be used to accelerate drilling activities at the USA
uranium and vanadium assets, including the proposed 4000m RC drilling program
at the Radium Mountain/Wedding Bell Project, Colorado followed by a maiden
drilling campaign at Vanadium King Project, Utah.

§ Drilling Contractor Boart Longyear is secured, with drilling to commence in
September 2023.

 

 

Nicole Galloway Warland, Managing Director of Thor Energy, commented:

"We are very excited to complete this strategic placement of AUD$1M to
accelerate drilling at Rim Rock, Groundhog and Section 23 uranium prospects at
the Radium Mountain/Wedding Bell Project, as well as completing a maiden
drilling program at our Vanadium King Project. The recent airborne magnetic
survey defined several targets worthy of drill follow-up.

"We are highly encouraged to receive the ongoing support from the Company's
existing shareholders and are also delighted to welcome new investors to our
share register who recognise the significant potential of our USA uranium
portfolio.

"We look forward to updating the market in due course with the development of
our US drilling activities."

 

Figure 1: USA Uranium and Vanadium Project Location Map within the Uravan
Mineral Belt.

 

Capital Raise

The Company has raised gross proceeds of AUD$1,000,000 via the placing of
23,809,524 Placing Shares at a price of AUD$0.042 per Placing Share.

All placees will also receive one option for each Placing Shares subscribed,
being a total of 23,809,524 options (the "Placement Options"). All Placement
Options will be issued under the existing ASX listed options (ASX: THROD)
which are exercisable at AUD$0.09 (9 cents) and expire in January 2025.

The funds raised will be utilised for exploration activities at the Company's
uranium projects in the United States, as well as for general working capital
purposes.

The Placing price represents a discount of 6.67% to the last ASX-traded price
of AUD$0.045 on 15 September 23 but is a 9.38% premium to the VWAP of the last
15 trading days, prior to that date.

The Company will also grant 5,800,000 options to GBA Capital as part
consideration for services provided as lead manager for the capital raise
("Broker Options"). These will be of the same class as those options issued to
Australian places (ASX: THROD), having an exercise price of AUD$0.09 and
expiring in January 2025.

Share Issue

The Company expects to issue 23,809,524 Ordinary Shares at AUD$0.042 per share
to raise AUD$1 million, and the 29,609,524 ASX listed options utilising the
Company's existing shareholder authorities and placement capacity available
under ASX listing rules 7.1 and 7.1A.

Settlement and dealings

Application will be made for the Placing Shares to be admitted to trading on
ASX and AIM ("Admission") and it is expected that Admission will become
effective on or around 27 September 2023. 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 269,350,808 Ordinary Shares in issue with voting rights attached.
Thor holds no shares in treasury. The figure of 269,350,808 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.

 

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

 

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.

 

For further information, please contact:

 Thor Energy 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 Joint Broker)  Tel: +44 (0) 207 220 1666
 Antonio Bossi / Darshan Patel
 SI Capital Limited (Joint Broker)                        Tel: +44 (0) 1483 413 500
 Nick Emerson
 Yellow Jersey (Financial PR)                             thor@yellowjerseypr.com
 Sarah Hollins / Shivantha Thambirajah / Bessie Elliot    Tel: +44 (0) 20 3004 9512
 GBA Capital Pty Limited (Lead Manager)                   Tel: +61 (2) 9135 2902
 Sebastian Jurd, Managing Director

 

Updates on the Company's activities are regularly posted on Thor's website
(https://thorenergyplc.com/) which includes a facility to register to receive
these updates by email, and on the Company's twitter page @thorenergyplc

 

About Thor Energy Plc

The Company is focused on uranium and energy metals that are crucial in the
shift to a 'green' energy economy. Thor has a number of highly prospective
projects that give shareholders exposure to uranium, nickel, copper, lithium
and gold. Our projects are located in Australia and the USA.

Thor holds 100% interest in three uranium and vanadium projects (Wedding Bell,
Radium Mountain and Vanadium King) in the Uravan Belt Colorado and Utah, USA
with historical high-grade uranium and vanadium drilling and production
results.

Thor owns 100% of the Ragged Range Project, comprising 92 km2 of exploration
licences with highly encouraging early-stage gold, copper and nickel results
in the Pilbara region of Western Australia.

At Alford East in South Australia, Thor is earning an 80% interest in oxide
copper deposits considered amenable to extraction via In-Situ Recovery
techniques (ISR). In January 2021, Thor announced an Inferred Mineral Resource
Estimate¹.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.²³

Thor holds 100% of the advanced Molyhil tungsten project, including measured,
indicated and inferred resources⁴, in the Northern Territory of Australia,
which was awarded Major Project Status by the Northern Territory government in
July 2020. Thor executed a $8m Farm-in and Funding Agreement with Investigator
Resources Limited (ASX: IVR) to accelerate exploration at the Molyhil Project
on 24th November 2022.(6)

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.⁵
Thor's interest in the Bonya tenement EL29701 is planned to be divested as
part of the Farm-in and Funding agreement with Investigator Resources
Limited.(6)

 

Notes

(1)
https://thorenergyplc.com/investor-updates/maiden-copper-gold-mineral-resource-estimate-alford-east-copper-gold-isr-project/

(2)
www.thorenergyplc.com/sites/thormining/media/pdf/asx-announcements/20172018/20180222-clarification-kapunda-copper-resource-estimate.pdf
(http://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20172018/20180222-clarification-kapunda-copper-resource-estimate.pdf)

³
www.thorenergyplc.com/sites/thormining/media/aim-report/20190815-initial-copper-resource-estimate---moonta-project---rns---london-stock-exchange.pdf
(http://www.thormining.com/sites/thormining/media/aim-report/20190815-initial-copper-resource-estimate---moonta-project---rns---london-stock-exchange.pdf)

(4)
https://thorenergyplc.com/investor-updates/molyhil-project-mineral-resource-estimate-updated/

(5)
www.thorenergyplc.com/sites/thormining/media/pdf/asx-announcements/20200129-mineral-resource-estimates---bonya-tungsten--copper.pdf
(http://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200129-mineral-resource-estimates---bonya-tungsten--copper.pdf)

(6)
https://thorenergyplc.com/wp-content/uploads/2022/11/20221124-8M-Farm-in-Funding-Agreement.pdf
(https://thorenergyplc.com/wp-content/uploads/2022/11/20221124-8M-Farm-in-Funding-Agreement.pdf)

 

 

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