REG - Thor Mining PLC - Notice of General Meeting <Origin Href="QuoteRef">THRL.L</Origin>

Thor EnergyAnnouncement

06/09/2014 16:27

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RNS Number : 2076M
Thor Mining PLC
14 July 2014 
 
14 July 2014 
 
THOR MINING PLC 
 
NOTICE OF GENERAL MEETING 
 
Thor Mining PLC ("Thor" or "The Company") (AIM, ASX: THR), the Australian
tungsten and gold explorer and developer, has today posted a notice of a
general meeting to be held at 10.30am on 31 July 2014 at the offices of Grant
Thornton UK LLP, 30 Finsbury Square, London EC2P 2YU. 
 
At the general meeting, shareholders will be asked to give the directors
authorities to issue shares pursuant to the matters described below. 
 
As announced by the Company on 4 July 2014, the Company has secured
commitments to a Share placement to raise a total of £600,000 (before
expenses) (the "Placement"). The Placement will be in two tranches. The first
tranche of Shares under the Placement was issued on 8 July 2014, within the
Company's placement capacity. The second tranche of Shares to be issued under
the Placement is subject to Shareholder approval at this General Meeting.  The
net proceeds of the funds raised by the Placement will be used primarily by
the Company to finalise an upgraded Definitive Feasibility Study at Thor's
Molyhil tungsten project in Australia's Northern Territory, and will also
augment the Company's existing cash resources, including allowance for some
exploration activities around Molyhil where potential exists to identify
additional tungsten deposits. 
 
Further, as announced on 10 June 2014, the Company has signed a Term Sheet
with Black Fire Minerals Ltd, an Australian incorporated and ASX listed
company, in relation to the acquisition by the Company of the Pilot Mountain
Tungsten Project, located in Nevada, USA, by way of the purchase all of the
issued shares in the capital of Black Fire Industrial Minerals Pty Ltd, a
wholly owned subsidiary of Black Fire Minerals Ltd. Resolution 6 seeks
Shareholder approval for the issue of Shares as consideration for this
acquisition, subject to the execution of the formal Share Sale and Purchase
Agreement and satisfaction of certain other conditions. Negotiation of the
formal Share Sale and Purchase Agreement is in progress and is expected to be
concluded by the date of the General Meeting. 
 
Certain Thor directors lent funds to Black Fire Minerals Ltd in March 2014 to
enable Black Fire Minerals Ltd to complete the acquisition of the Pilot
Mountain Tungsten Project. It is proposed that, if the transaction between the
Company and Black Fire Minerals Ltd completes, those loans will be converted
to Thor CDIs. Resolution 7 seeks approval for the issue of Shares (to be held
by the Directors beneficially as CDIs) on conversion of these loans. 
 
Resolutions 1 and 2 provide the directors with the appropriate authorities to
issue the Shares contemplated above and dis-apply pre-emption rights for
existing Shareholders in respect of those Share issues. Resolution 3 and 4
relate to the Placement and prior placements conducted in December 2013 and
May 2014, and seek to preserve the Company's placement capacity. Resolutions 5
and 6 are resolutions required by the ASX Listing Rules in respect of the
Placement and the Acquisition. 
 
A copy of the Notice of General Meeting is available on the Company's website,
http://www.thormining.com/. 
 
The Thor directors believe that all of the Resolutions, including Resolution 7
relating to the issue of Shares to the directors in lieu of a potential cash
payment by the Company, are in the best interest of the Company and recommend
that shareholders vote in favour of the resolutions at the General Meeting, as
they intend to do in respect of their own holdings of 79,364,760 Shares
representing 4.07% per cent of the Company's issued share capital as at 8 July
2014 (being the last practicable date prior to the date of the Notice of
Meeting). 
 
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
The company news service from the London Stock Exchange