REG - Thor Mining PLC - Results of General Meeting and Issue of Equity

Thor EnergyAnnouncement

20/10/2020 09:10

RNS Number : 5445C
  
Thor Mining PLC
  
20 October 2020
  
 

20 October 2020
 
THOR MINING PLC 
RESULTS OF GENERAL MEETING
ISSUE OF EQUITY
                                                                                            
The Directors of Thor Mining Plc ("Thor" or "the Company") (AIM, ASX: THR) announce that at the 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


190,260,941


1,658,276


3,323


12,280,959




2


188,204,651


1,678,399


3,323


12,400,959




3


190,290,941


1,508,276


3,323


12,400,959




4


178,335,972


1,490,039


3,323


24,374,165




5


93,643,683


1,471,039


3,323


109,050,814




6


132,052,110


22,110,431


3,323


50,037,635




7


189,446,836


1,557,247


3,323


13,196,093




8


190,086,457


1,530,523


3,323


12,583,196



 
ISSUE OF EQUITY
As a result of the passage of resolutions 4 to 7 inclusive, the Company will issue 53,833,333 Ordinary Shares of 0.01p each ("Ordinary Shares") at A$0.005 (5 cents) per Ordinary Share and 29,916,667 unlisted warrants, on the basis of one warrant for every two Ordinary Shares subscribed, to complete the placing announced on 15 September 2020, comprising:
·      25,000,000 Ordinary Shares and 12,500,000 unlisted warrants to a substantial shareholder, Metal Tiger;
·      2,500,000 Ordinary Shares and 1,250,000 warrants to a Director, Mick Billing;
·      833,333 Ordinary Shares and 416,667 warrants to a Director, Mark McGeough; and
·      25,500,000 Ordinary Shares and 12,750,000 warrants to other placees.
In addition, the Company will issue 4,000,000 unlisted warrants to a service provider, pursuant to resolution 8.
Application has been made for the admission of the 53,833,333 Ordinary Shares to trading on AIM with admission expected to take place on 23 October 2020.
Following the issue of the 53,833,333 Ordinary Shares, Thor will have 1,493,204,800 Ordinary Shares in issue. 
Following the issue Ordinary Shares and warrants to Directors, each Director will hold:



Director


Existing Shares held


Participation in the placing


Resultant Shares held


Existing Options held


Participation in the placing


Resultant Options held








Number






Number


%
















Michael Billing


48,994,725


     2,500,000 


51,494,725


3.45%


13,500,000


1,250,000


14,750,000




Mark McGeough


-


        833,333 


833,333


0.06%


-


416,667


416,667



 
TOTAL VOTING RIGHTS
For the purposes of the Financial Conduct Authority's Disclosure Guidance and Transparency Rules ("DTRs"), following Admission, Thor will have 1,493,204,800 Ordinary Shares in issue with voting rights attached. Thor holds no shares in treasury. This figure of 1,493,204,800 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.
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
 
Enquiries:






Mick Billing


+61 (8) 7324 1935


Thor Mining PLC


Executive Chairman




Ray Ridge


+61 (8) 7324 1935


Thor Mining PLC


CFO/Company Secretary




Samantha Harrison/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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