REG - Thor Mining PLC - Placing to raise £300,000 <Origin Href="QuoteRef">THRL.L</Origin>

Thor EnergyAnnouncement

17/05/2016 11:00

RNS Number : 4707Y
Thor Mining PLC
17 May 2016
17 May 2016
THOR MINING PLC
Placing to raise 300,000
The Directors of Thor Mining PLC ("Thor" or the "Company") (AIM, ASX: THR), are pleased to announce that the Company has, subject to shareholder approval, raised 300,000 via a placing.
Highlights:
 Thor has raised a total of 300,000 before expenses through the placing of 1,200,000,000 ordinary shares of 0.01p each ("Ordinary Shares") at a price of 0.025p each with new investors (the "Placing");
 The Placing price was set at the bid price of Thor at the time the Placing commenced;
 Subscribers for these Ordinary Shares under the Placing will also be granted one warrant for every share subscribed for under the Placing, to subscribe for further Ordinary Shares at a price of 0.05p per share, valid for 30 months;
 As part of this raising, Metal Tiger plc has subscribed for 400,000,000Ordinary Shares, and 400,000,000Warrants; 
 Following completion of the Placing in full, Metal Tiger plc will have an interest in 400,000,000Ordinary Shares in the capital of the Company, representing 6.97per cent of the Company's enlarged share capital;
 The funds raised will enable Thor to advance a number of elements of its existing business interests, including testing for tungsten mineralisation at selected targets very close to Molyhil, and assessing other strategic opportunities as well as to provide general working capital.
Mick Billing, Executive Chairman of Thor said: "I am delighted with the funds raised and particularly that this incoming finance was secured at the bid price of Thor with no discount applied.
"Just as important, the money raised supports our plans for accelerating the development of our business.
"In addition to the funds raised through the Placing, a further A$1.5m is payable to the Company within the next nine months following the sale of the Spring Hill Gold Project as announced recently."
Placing Information
The Company will shortly issue 336,000,000 Ordinary Shares and 336,000,000 Warrants and will convene a General Meeting of the Company at which shareholders will be asked to give the Directors the necessary authorities to issue the remaining 864,000,000 Ordinary Shares and 864,000,000 Warrants. A notice of General Meeting will shortly be sent to shareholders and further announcements will be made as soon as practicable.
Settlement and dealings
Application will be made for the admission to trading on the AIM Market of the London Stock Exchange ("AIM") of the first 336,000,000 Ordinary Shares, which rank pari passu with the Company's existing issued Ordinary Shares. Dealings on AIM are expected to commence at 8:00am on 1 June 2016 ("Admission"). 
Total Voting Rights
For the purposes of the Financial Conduct Authority's Disclosure and Transparency Rules ("DTRs"), following Admission, Thor will have 4,872,387,510 Ordinary shares in issue with voting rights attached. Thor holds no shares in treasury. This figure of 4,872,387,510 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.
Subject to shareholder approval, following completion of the Placing, including the second tranche of 864,000,000 Ordinary Shares, Thor will have 5,736,387,510 shares in issue.
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/ 
Daniel Bush/ 
Richard Tonthat
+44 (0) 207 383 5100 
Grant Thornton UK LLP
Nominated Adviser
Gerry Beaney/
David Hignell
John Howes
+44 (0) 203 862 6625
Northland Capital Partners Limited
Broker
Tim Blythe/
Camilla Horsfall
+44 (0) 207 138 3222
Blytheweigh
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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