REG - Thor Mining PLC - Result of Placing

Thor EnergyAnnouncement

14/12/2021 08:00

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RNS Number : 5710V  Thor Mining PLC  14 December 2021

14 December 2021

THOR MINING PLC

Result of Placing

The directors of Thor Mining Plc ("Thor" or the "Company") (AIM, ASX: THR,
OTCQB: THORF) are pleased to announce a successful placing of $2.75m (£1.5m),
to fund exploration activities at the Company's project interests, with
particular emphasis on the Ragged Range gold and nickel prospects in the
Pilbara, Western Australia. At the Company's request, trading in the shares of
the Company have been halted on the Australian Securities Exchange ("ASX")
from Monday 13 December 2021 while the Company completed the Placing in
Australia. Trading on the ASX will resume on Wednesday 15 December.

Highlights:

·       The Company has raised gross proceeds of $2.75m (£1.5m) via
the placing of 220,000,000 new ordinary shares of 0.01p each ("Ordinary
Shares") (the "Placing Shares") at a price of $0.0125 (0.67 pence) per
Ordinary Share (the "Placing")

·      All placees to receive, two options for each three Placing
Shares: one option to subscribe for a further new Ordinary Share at $0.015 per
Ordinary Share, valid for one year from the date of issue and another one
option to subscribe for a further new Ordinary Share at $0.02 per Ordinary
Share, valid for two years from the date of issue (the "Options").  Thor
intends to apply for quotation of both classes of these options subject to
meeting the ASX's minimum listing requirements.

·     The Placing will not be subject to shareholder approval, falling
within the Company's existing shareholder authorities and placement capacity.

·   Strong support was received from existing and new shareholders,
adding strength to the Company's share register. Australian based PAC
Partners Pty Ltd and DealAccess Pty Ltd (DealAccess by PAC) acted as lead
manager for the Placement.

·       As a show of confidence and interest in Thor, PAC Partners and
DealAccess have elected to take $90,000 of their fees in new Ordinary shares
in the Company at the deemed issued price of $0.0125. PAC Partners and
associates will also look to exercise 14,720,000 of their existing options
following the capital raise, raising an additional $147,200.

· Funds raised to be utilised for exploration activities at the Ragged
Range gold & nickel project in the Pilbara region of Western Australia,
and for drilling at the Wedding Bell uranium and vanadium Project, USA and
Molyhil Critical Minerals Project, NT, as well as for general working capital
purposes.

 

Nicole Galloway Warland, Managing Director of Thor Mining, commented:

"These funds will allow Thor to maintain its intensive exploration programs at
our exciting Ragged Range gold & nickel project, including follow up RC
drilling and regional exploration, as well as exploration drilling at Wedding
Bell Uranium-Vanadium Project, USA and Molyhil tungsten-molybdenum-copper
Project, NT.

We are very pleased to have ongoing support from the Company's
existing shareholders, and welcome new shareholders to our share register,
who recognise the significant potential of our diverse commodity portfolio.

We look forward to drilling news flow expected from Ragged Range and Alford
East   projects over the next few weeks, as well as an update on the
drilling status at our uranium and vanadium prospects, USA."

 

Capital Raise

The Company has raised gross proceeds of $2.75m (£1.5m) via the placing of
220,000,000 Placing Shares at a price of $0.0125 (0.67 pence) per Placing
Share.

Placees to receive two Options for every three Placing Shares subscribed, at
one option to subscribe for a further new Ordinary Share at $0.015 per
Ordinary Share, valid for one year from the date of issue and another one
option to subscribe for a further new Ordinary Share at $0.02 per Ordinary
Share, valid for two years from the date of issue.

Thor intends to apply for quotation of both classes of these options subject
to meeting the ASX's minimum listing requirements.

Funds raised to be utilised for exploration activities, including further
drilling and regional exploration at Ragged Range gold & nickel project,
WA, drilling at Wedding Bell uranium and vanadium Project, USA and exploration
drilling at Molyhil tungsten-molybdenum-copper Project, NT.

The Placing price represents a discount of c.17% to the closing share price
of $0.015 on 10 December 2021. The Placing Shares being issued represent
approximately 12% of the existing issued ordinary share capital of the
Company prior to the Placing.

The Company will grant 44,000,000 options to PAC Partners and DealAccess as
part consideration for services provided as lead manager for the capital raise
("Broker Options"). These will be of the same class as those classes of
options issued to Placement subscribers. 22,000,000 of the Broker Options have
an exercise price of A$0.015 and expire one year from grant date and
22,000,000 of the Broker Options have an exercise price of A$0.02 and expire
two years from grant date.

Share Issue

The Company will shortly issue 220,000,000 Ordinary Shares and 146,666,667
options, covering the Placement, both utilising the Company's existing
shareholder authorities. Additionally, the Company will issue 7,200,000
Ordinary Shares to the Brokers in lieu of fees.

Settlement and dealings

Application will be made for the Placing Shares to be admitted to trading on
AIM ("Admission") and it is expected that Admission will become effective on
or around 21 December 2021. The Placing Shares will rank pari passu with the
Company's existing issued Ordinary Shares.

Total Voting Rights

For the purposes of the Financial Conduct Authority's Disclosure Guidance and
Transparency Rules ("DTRs"), following Admission of the Placing Shares, Thor
will have 1,999,621,411 Ordinary Shares in issue with voting rights attached.
Thor holds no shares in treasury. The figure of 1,999,621,411 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.

 

This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information Service,
this inside information is now considered to be in the public domain.

 

 

- 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

 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 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.

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)

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