REG - Thor Mining PLC - Result of AGM and Issue of Equity

Thor EnergyAnnouncement

25/11/2020 12:00

RNS Number : 4916G
  
Thor Mining PLC
  
25 November 2020
  
 

25 November 2020
 
THOR MINING PLC 
RESULTS OF ANNUAL GENERAL MEETING
ISSUE OF EQUITY
The Directors of Thor Mining Plc ("Thor" or "the Company") (AIM, ASX: THR) announce that at the Annual General Meeting held earlier today, all resolutions were passed.
Proxy results for all resolutions were as follows:




Resolution


For


Against


Discretion of the Chairman


Withheld




1


        113,157,481 


              624,027 


                 4,287 


             2,016,841 




2


        108,939,598 


           5,714,982 


                 6,447 


             1,141,609 




3


        108,756,704 


              770,984 


                 4,287 


             6,270,661 




4


        107,858,698 


              737,504 


                 4,287 


             7,202,147 




5


        107,826,817 


           1,544,510 


                 4,287 


             6,427,022 




6


        106,240,279 


           7,229,384 


                 4,287 


             2,328,686 




7


 103,737,956 


        10,344,646 


                 4,287 


             1,715,747 




8


           51,730,590 


           6,698,240 


                 4,287 


           57,369,519 




9


           55,263,770 


              786,006 


                 4,287 


             8,353,847 




10


        112,693,014 


           1,013,190 


                 4,287 


             2,092,145 




 
ISSUE OF EQUITY
As a result of the passage of resolution 8, the Company will issue 2,647,059 Ordinary Shares of 0.01p each ("Ordinary Shares") at A$0.017 (1.7 cents) per Ordinary Share to the Directors in lieu of Directors Fees that were otherwise payable in cash, comprising:
·      661,765 Ordinary Shares to Mr Michael Billing in lieu of 50% of Directors fees for the 6 months ending 31 December 2020 (A$11,250);
·      661,765 Ordinary Shares to Mr Mark McGeough in lieu of 50% of Directors fees for the 6 months ending 31 December 2020 (A$11,250); and
·      1,323,529 Ordinary Shares to Mr Mark Potter in lieu of 100% of Directors fees for the 6 months ending 31 December 2020 (A$22,500);
Application has been made for the admission of the 2,647,059 Ordinary Shares to trading on AIM with admission expected to take place on 27 November 2020.
Following the issue of the 2,647,059 Ordinary Shares, Thor will have 1,515,351,859 Ordinary Shares in issue. 
Following the issue Ordinary Shares and warrants to Directors, each Director will hold:




Director


Existing Shares held


Shares to be issued


Resultant Shares held


Options held




 


Number


 


Number


%


 




Michael Billing


51,494,725


    661,765


52,156,490


3.44%


14,750,000




Mark McGeough


833,333


661,765


1,495,098


0.10%


416,667




Mark Potter


1,587,302


1,323,529


2,910,831


0.19%


8,000,000




 
TOTAL VOTING RIGHTS
For the purposes of the Financial Conduct Authority's Disclosure Guidance and Transparency Rules ("DTRs"), following Admission, Thor will have 1,515,351,859 Ordinary Shares in issue with voting rights attached. Thor holds no shares in treasury. This figure of 1,515,351,859 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.
 
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/Niall McDonald


+44 (0) 207 383 5100


Grant Thornton UK LLP 


Nominated Adviser




Nick Emerson


+44 (0) 1483 413 500


SI Capital Ltd


Broker




 


 


 


 




 
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, and on the Company's twitter page @ThorMining.
 
About Thor Mining PLC
Thor Mining PLC (AIM, ASX: THR) is a resources company quoted on the AIM Market of the London Stock Exchange and on ASX in Australia.
Thor holds 100% of the advanced Molyhil tungsten project in the Northern Territory of Australia, for which an updated feasibility study in August 2018¹ suggested attractive returns.
Adjacent Molyhil, at Bonya, Thor holds a 40% interest in deposits of tungsten, copper, and vanadium, including an Inferred resource for the Bonya copper deposit².
Thor is also acquiring up to a 30% interest 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 in South Australia recoverable by way of in situ recovery⁴, and also holds rights to earn a 75% interest in portion of the Moonta Copper project also in South Australia, and is considered amenable to recovery by way of in situ recovery⁵.
Thor also holds 100% of the Pilot Mountain tungsten project in Nevada USA which has a JORC 2012 Indicated and Inferred Resources Estimate³ on 2 of the 4 known deposits. The US Department of the Interior has confirmed that tungsten, the primary resource mineral at Pilot Mountain, has been included in the final list of Critical Minerals 2018.
At the 100% owned Ragged Range in the Pilbara region of Western Australia, Thor has exciting early stage results for which gold and nickel drilling is planned.
Thor holds mineral claims in the US states of Colorado and Utah with historical high-grade uranium and vanadium drilling and production results.
Notes
¹ Refer ASX and AIM announcement of 23 August 2018
² Refer ASX and AIM announcement of 26 November 2018
³ Refer AIM announcement of 13 December 2018 and ASX announcement of 14 December 2018
⁴ Refer AIM announcement of 10 February 2018 and ASX announcement of 12 February 2018
⁵ Refer ASX and AIM announcement of 15 August 2019
 

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