REG - Thor Mining PLC - Placements <Origin Href="QuoteRef">THRL.L</Origin>

Thor EnergyAnnouncement

24/11/2014 09:51

RNS Number : 7944X
Thor Mining PLC
24 November 2014
24 November 2014
THOR MINING PLC
Placements
The Directors of Thor Mining PLC ("Thor" or the "Company") (AIM, ASX: THR), are pleased to announce that the Company has completed the following placements totalling 120,833,332 Ordinary Shares or CDIs, as follows:
(1) 69,444,444 CDIs and Ordinary Shares to Sophisticated Investors to convert existing loans of A$125,000 to Thor CDIs and Ordinary Shares. The placement price is A$0.0018 per CDI (or 0.1 pence per Ordinary Share).
Loans of $625,000 were novated to Thor, as part of the acquisition of Pilot Mountain on 27 October 2014 (refer ASX announcement 10 June 2014). Following an earlier conversion of A$175,000, together with this placement, the outstanding loans related to the acquisition of Pilot Mountain have now been reduced to A$325,000. The loans are repayable by 30 September 2015.
The purpose of the placement is to convert loans to Thor Ordinary Shares or CDIs.
(2) 44,444,444 CDIs to a Sophisticated Investor at a placement price of A$0.00225 per CDI, to raise A$100,000 before expenses.
The net proceeds raised will be used primarily to finalise the upgraded Definitive Feasibility Study at Thor's Molyhil tungsten project in Australia's Northern Territory, and also augment the Company's existing cash resources.
(3) 6,944,444 CDIs to a Sophisticated Investor at a placement price of A$0.0018 per CDI, to raise A$12,500 before expenses.
The net proceeds raised will be used primarily to finalise the upgraded Definitive Feasibility Study at Thor's Molyhil tungsten project in Australia's Northern Territory, and also augment the Company's existing cash resources.
Application will be made today for the admission of the above Placement shares to AIM, with admission expected to take place on 28 November 2014. The placement utilises a portion of the available capacity of Thor's issued capital prior to the placement, pursuant to ASX Listing Rule 7.1.
Following the allotment of these shares, Thor will have 3,053,091,211 shares on issue. This number of shares 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 FCA's Disclosure and Transparency Rules.
Enquiries: 
Mick Billing
+61 (8) 7324 1935
Thor Mining PLC
ExecutiveChairman
Ray Ridge
+61 (8) 7324 1935
Thor Mining PLC
CFO/Company
Secretary
Colin Aaronson/ 
David Hignell/
Harrison Clarke
+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
Financial PR
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
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