14th Aug 2014 11:49
LONDON (Alliance News) - Shares in Thor Mining PLC jumped 23% Thursday after it said it has raised AUD83,825 in a share subscription and entered into an agreement which provides its with up to USD1 million of standby equity capital over the coming 12 months.
The Australia-based mineral and development company said it placed 46.4 million new shares at 0.1 pence per share.
Thor Mining shares were up 22.7% at 0.135 pence Thursday early afternoon.
It said it will use the funds for working capital, focusing particularly on completing an upgraded definitive feasibility study for its advanced Molyhil tungsten project in Australia's northern territory.
The company also said it has entered into a "controlled placement agreement" with Acuity Capital Investment Management Pty Ltd, which provides it with up to USD1 million of standby equity capital over the coming 12 months.
"Thor has entered into the CPA to complement its funding initiatives and to strengthen its overall capital management program by adding a further capital raising tool. The CPA provides Thor with the flexibility to quickly and efficiently raise capital," the company said.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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