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Thor Mining secures funding for US uranium projects

Published by , Editorial Assistant
Global Mining Review,

The Directors of Thor Mining Plc have announced a successful capital raise of AUS$2.65 million to fund exploration activities at the company's project interests, with particular emphasis on the uranium exploration licences in Colorado and Utah in the United States.


  • The company has raised gross proceeds of AUS$2.65 million via a placing of 378 571 429 new ordinary shares and Australian securities exchange-listed (ASX) CDI's at a price of AUS$0.007 per ordinary share. Applications to participate in the placement were scaled back following strong demand.
  • Subject to shareholder approval, all placees will also receive three options for each four placing shares subscribed, being a total of 283 928 583 options. All placement options are exercisable at AUS $0.009 and expire two years from issue date.
  • Thor intends to apply for the quotation of the options, subject to meeting the ASX's minimum listing requirements.
  • The allotment of the placing shares will not be subject to shareholder approval, falling within the company's existing shareholder authorities and placement capacity under ASX listing rules 7.1 and 7.1A.
  • Strong support was received from existing and new shareholders, strengthening the company's share register. DealAccess Pty Ltd acted as lead manager for the placement with support from WH Ireland Limited in the UK.
  • Funds raised to be utilised for exploration activities at the company's uranium projects in the United States, as well as to progress drilling at the Kelly's and Krona gold, nickel and lithium prospects in the Pilbara region of Western Australia, as well as for general working capital purposes.

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

"These funds will allow Thor to advance its exploration activities at its uranium projects in the US and progress the exciting Ragged Range gold and nickel project.

"We are very pleased to receive the ongoing support from the company's existing shareholders and welcome the company's new investors to our share register, who recognise the significant potential of our portfolio.

"The proposed name change to 'Thor Energy plc' represents a shift in our focus towards our uranium assets, which we feel demonstrates the most significant value upside within our portfolio and longer-term benefits to the company and its shareholders."

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