REG - Thor Mining PLC - Issue of Equity

Thor EnergyAnnouncement

25/11/2021 09:20

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RNS Number : 5907T  Thor Mining PLC  25 November 2021

25 November 2021

 

THOR MINING PLC

 

ISSUE OF EQUITY

The directors of Thor Mining Plc ("Thor" or the "Company") (AIM, ASX: THR,
OTCQB: THORF) announce the following issue of shares and warrants:

Alford East Stage 1 Farmin

As reported to the market on 16 November 2021, the Company has fulfilled its
Stage 1 expenditure obligations under the Alford East Farmin and Joint Venture
Agreement (the "Agreement"), entitling the Company to increase its interest to
51% of the oxide mineral rights from Spencer Metals Pty Ltd ("Spencer") over
the Alford East Copper-Gold Project, South Australia.

Under the Stage 1 requirements, the Company has issued 15,625,000 Thor
ordinary shares of 0.01p each ("Ordinary Shares") to Spencer, being Ordinary
Shares to the value of A$250,000 at an issue price of A$0.016 per Ordinary
Share based on the VWAP (volume weighted average price) for the last five
trading days on the ASX.  Additionally, under the stage 1 requirements, Thor
has issued 31,250,000 warrants, exercisable at $0.03 anytime prior to expiry
on 25 November 2026.

Settlement and dealings

Application will be made to the AIM Market of the London Stock Exchange
("AIM") for 15,625,000 Thor Ordinary Shares, pursuant to the issue of shares,
which rank pari passu with the Company's existing issued Ordinary Shares, to
be admitted to trading on AIM. Dealings on AIM are expected to commence at
8:00am on or around 1 December 2021 ("Admission").

Total Voting Rights

For the purposes of the Financial Conduct Authority's Disclosure Guidance and
Transparency Rules ("DTRs"), following Admission, Thor will have 1,772,421,411
Ordinary Shares in issue with voting rights attached. Thor holds no shares in
treasury. This figure of 1,772,421,411 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.

- Ends -

 

For further information on the Company, please visit www.thormining.com
(http://www.thormining.com)  or contact the following:

 Thor Mining 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
 Jessica Cave / Darshan Patel / Megan Liddell

 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 (http://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 has announced an Inferred Mineral
Resource Estimate of 177,000 tonnes contained copper & 71,000 oz
gold¹.

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% 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 resources⁴, in the Northern Territory of Australia,
which was awarded Major Project Status by the Northern Territory government in
July 2020. Diamond drilling is currently underway to test potential extension
to mineralisation.

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

Notes

(1) www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210127-maiden-copper.gold-estimate-alford-east-sa.pdf
(http://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
(http://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
(http://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
(http://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
(http://www.thormining.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/20210901-pilot-mountain-project-us1.8m-sale-option.pdf)

 

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