The directors of Thor Mining Plc have announced a private placement financing of £800 000 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.
- The company has raised gross proceeds of £800 000 via the placing of 123 076 923 new ordinary shares of £0.01 each (ordinary shares) (the placing shares) at a price of £0.65 per ordinary share (the placing).
- Strong support was received from existing and new shareholders, adding strength to the company's share register. Existing shareholder, Artemis Resources Ltd, a company with major gold exploration and development projects in Western Australia's Pilbara, of which Thor director Mark Potter is Non-Executive Chairman, has invested £118 850 in the private placement.
- All places to receive, one warrant for each two placing shares, to subscribe for a further new ordinary share at 1.3 p per ordinary share (warrant), valid for two years from the date of issue.
- The placing will not be subject to shareholder approval, falling within the company's existing shareholder authorities and placement capacity.
- Funds raised to be utilised for exploration activities at the Ragged Range gold and nickel project in the Pilbara region of Western Australia, and for exploration drilling at Molyhil tungsten and molybdenum project in the Northern Territory, as well as for general working capital purposes.
Nicole Galloway Warland, Managing Director of Thor Mining, commented: “This additional capital for Thor Mining will allow us to continue the intensive exploration work programme at our exciting Ragged Range gold and nickel project, including RC drilling of priority drill targets, as well as exploration drilling at Molyhil tungsten-molybdenum Project.
“We are very pleased to have ongoing support from the company's shareholders Artemis Resources Ltd, and welcome new shareholders to our share register, who recognise the potential of our Ragged Range and Molyhil Projects.
“These funded activities create short- and medium-term value for our shareholders on exploration success.”
Read the article online at: https://www.globalminingreview.com/finance-business/11082021/thor-mining-announces-strategic-placement/