REG - Thor Mining PLC - Appendix 5B <Origin Href="QuoteRef">THRL.L</Origin>
06/09/2014 22:42
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RNS Number : 7988N
Thor Mining PLC
31 July 2014
Rule 5.3
Thursday, 31 July 2014
THOR MINING PLC
Thor Mining PLC ("Thor" or the "Company")
The Directors of Thor Mining PLC (AIM, ASX: THR) today released the following
announcement on the Australian Securities Exchange ("ASX") as required under
the listing rules of the ASX.
Appendix 5B
Mining exploration entity quarterly report
Name of entity
THOR MINING PLC
ACN or ARBN Quarter ended ("current quarter")
121 117 673 30 June 2014
Consolidated statement of cash flows
Cash flows related to operating activities Current quarter$A'000 Year to date (12 months)$A'000
1.1 Receipts from product sales and related debtors 0 0
1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) administration (149)00(138) (1,023)00(881)
1.3 Dividends received 0 0
1.4 Interest and other items of a similar nature received 0 6
1.5 Interest and other costs of finance paid (17) (69)
1.6 Income taxes paid 0 0
1.7 Other (export marketing grant) 35 35
Net Operating Cash Flows (269) (1,932)
Cash flows related to investing activities
1.8 Payment for purchases of: (a) prospects (b) equity investments (c) other fixed assets 000 000
1.9 Proceeds from sale of: (a) prospects (b) equity investments (c) other fixed assets 000 003
1.10 Loans to other entities 0 0
1.11 Loans repaid by other entities 0 0
1.12 Other:- Deposits supporting guarantees 0 0
Net investing cash flows 0 3
1.13 Total operating and investing cash flows (carried forward) (269) (1,929)
1.13 Total operating and investing cash flows (brought forward) (269) (1,929)
Cash flows related to financing activities
1.14 Proceeds from issues of shares, options, etc. (Refer Note 6) 276 1,637
1.15 Proceeds from sale of forfeited shares 0 0
1.16 Proceeds from borrowings 0 0
1.17 Repayment of borrowings 0 0
1.18 Dividends paid 0 0
1.19 Other (provide details if material) 0 0
Net financing cash flows 276 1,637
Net increase (decrease) in cash held 7 (292)
1.20 Cash at beginning of quarter/year to date 11 310
1.21 Exchange rate adjustments to item 1.20 0 0
1.22 Cash at end of quarter 18 18
Payments to directors of the entity and associates of the directors
Payments to related entities of the entity and associates of the related
entities
Current quarter$A'000
1.23 Aggregate amount of payments to the parties included in item 1.2 25
1.24 Aggregate amount of loans to the parties included in item 1.10 0
1.25 Explanation necessary for an understanding of the transactions
DD$90,0$25k includes: - Consulting fees paid to M Billing $25k.
Non-cash financing and investing activities
2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows
During the quarter, 142,898,396 new Ordinary Shares were issued to Lanstead Capital L.P. ("Lanstead"), a new institutional investor in the Company, as the 2nd tranche of a two tranche equity placing valued at £750,000. Consideration for the 2nd tranche
Shares was UK£331,688 (A$603,000). As reflected in the cashflow, UK£116,529 (A$212,000) was received during the quarter, relating to both tranches. The outstanding amount for both tranches at 30 June 2014 is UK£582,329 (A$1,058,000). In addition, the
company has entered into Equity Swap Agreements with Lanstead which allow the Company to secure much of the potential upside arising from anticipated near term news flow. Full details are contained in the company's announcement of the 20th February 2014.
During the quarter, Ram Resources (ASX: RMR) acquired Thor's interests in base metals and PGE (platinum group elements) in Dundas exploration leases E63/1102 and E63/872. Thor retained its gold and other interests. An initial consideration of A$70,000 in
RMR shares was received during July 2014, and then subsequently sold for A$102,107. A further consideration of A$100,000 in cash or RMR shares is due in 18 months. RMR may elect not to make the payment in which case the base metals and PGE rights revert to
Thor.
2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest
Nil
Financing facilities available
Add notes as necessary for an understanding of the position.
Amount available$A'000 Amount used$A'000
3.1 Loan facilities 1,000 1,000
3.2 Credit standbyarrangements 0 0
Estimated cash outflows for next quarter (Note 9)
$A'000
4.1 Exploration and evaluation 300
4.2 Development 0
4.3 Production 0
4.4 Administration 450
Total 750
Reconciliation of cash
Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows. Current quarter$A'000 Previous quarter$A'000
5.1 Cash on hand and at bank 18 11
5.2 Deposits at call 0 0
5.3 Bank overdraft 0 0
5.4 Other (90 day Term Deposit) 0 0
Total: cash at end of quarter (item 1.22) 18 11
Changes in interests in mining tenements
Tenement reference Nature of interest(note (2)) Interest at beginning of quarter Interest at end of quarter
6.1 Interests in mining tenements relinquished, reduced or lapsed EL 63/1102EL 63/872 Ram Resources (ASX: RMR) farm in to acquire base metal and PGE rights. Thor retaining gold interest. 60%60% 60%60%
6.2 Interests in mining tenements acquired or increased
Issued and quoted securities at end of current quarter
Description includes rate of interest and any redemption or conversion rights
together with prices and dates.
Total number Number quoted Issue price per security (see note 3) Amount paid up per security (see note 3)
7.1 Preference securities
7.2 Changes during quarter
7.3 +Ordinary securities 1,703,669,855 1,703,669,855(Refer Note 7) N/A Fully Paid
7.4 Changes during quarter(a) Increases by issues:- Placement- Placement- UK Warrants (See below 7.8) (b) Decreases through returns of capital, buy-backs 142,898,39625,000,000110,000 142,898,39625,000,000110,000 0.23375 pence0.4 cents0.7 pence Fully PaidFully PaidFully Paid
7.5 +Convertible debt securities
7.6 Changes during quarter
7.7 Options(description and conversion factor) Options E(Associates) Options F(Associates) Options G(Debt facility issuer) Options H(Debt facility issuer) Options I(Attaching to AIM listed shares) Options J(Attaching to CDIs) Total number 4,000,000 600,000 84,141,088 62,887,808 8,289,027 20,067,431 Number quoted 0 0 0 0 0 0 Exercise price 2.0 pence 2.0cents 0.7428 cents 0.5963 cents 0.7 pence 1.05 cents Expiry date 21/06/2015 27/09/2015 19/03/2016 3/06/2016 30/9/2014 30/9/2014
7.8 Issued during quarter
7.9 Exercised during quarterOptions I(Attaching to AIM listed shares) 110,000 o 0.7 pence 30/9/2014
7.10 Expired during quarter Options E(Associates) 1,000,000 0 3.5 cents 13/6/2014
7.11 Debentures(totals only)
7.12 Unsecured notes (totals only)
Compliance statement
1 This statement has been prepared under accounting policies which
comply with accounting standards as defined in the Corporations Act or other
standards acceptable to ASX (see note 4).
2 This statement does give a true and fair view of the matters
disclosed.
Sign here: ... Date: 31/7/2014
(Company Secretary)
Print name: Ray Ridge
Notes
1 The quarterly report provides a basis for informing the market
how the entity's activities have been financed for the past quarter and the
effect on its cash position. An entity wanting to disclose additional
information is encouraged to do so, in a note or notes attached to this
report.
2 The "Nature of interest" (items 6.1 and 6.2) includes options in
respect of interests in mining tenements acquired, exercised or lapsed during
the reporting period. If the entity is involved in a joint venture agreement
and there are conditions precedent which will change its percentage interest
in a mining tenement, it should disclose the change of percentage interest and
conditions precedent in the list required for items 6.1 and 6.2.
3 Issued and quoted securities. The issue price and amount paid up
is not required in items 7.1 and 7.3 for fully paid securities.
4 The definitions in, and provisions of, AASB 1022: Accounting for
Extractive Industries and AASB 1026: Statement of Cash Flows apply to this
report.
5 Accounting Standards ASX will accept, for example, the use of
International Accounting Standards for foreign entities. If the standards
used do not address a topic, the Australian standard on that topic (if any)
must be complied with.
6 Proceeds are net of issue costs.
7 Ordinary securities comprise of:
Listed on London Stock Exchange (AIM) 985,782,193
Listed on Australian Stock Exchange (ASX) - as CDIs 717,887,662
Listed on Australian Stock Exchange (ASX) - as CDI's
Total Ordinary Securities at 30 June 2014
1,703,669,855
8 Issues during the quarter comprise of:
Listed on London Stock Exchange (AIM)
143,008,396
Listed on Australian Stock Exchange (ASX) - as CDI's 25,000,000
Total Ordinary Securities issued in the quarter
168,008,396
9 During the quarter, the number of shares transferred
From London Stock Exchange (AIM) to ASX as CDIs was: 46,578,650
10 Estimated cash outflows for the next quarter will be met by
additional near term cash inflows of $865,000, as follows:
· $333,000 received 10th July, for the first tranche of share placements
· $340,000 to be received, for the second tranche of share placements,
subject to shareholder approval (General Meeting 10.30am London time, 31 July
2014).
· $102,000 received for the sale of shares in Ram Resources Ltd. The
shares were received for the sale of the base metal rights at Thor's Dundas
project. (refer item 2.1)
· $50,000 estimated instalments due from Lanstead (refer item 2.1)
· $40,000 for a deposit refund.
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/ David Hignell/Jamie Barklem +44 (0) 207 383 5100 Grant Thornton UK LLP Nominated Adviser
Andrew Monk/Bhavesh Patel +44 (0) 20 3005 5000 VSA Capital Ltd Broker
Alex Walters +44 (0) 7771 713608+44 (0) 207 839 9260 Cadogan PR FinancialPR
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.
This information is provided by RNS
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