3rd Feb 2016 11:57
LONDON (Alliance News) - Thor Mining PLC Wednesday said the company that is set to purchase its Spring Hill gold project in Australia has advised the company it has secured financing so it can complete the deal before the end of this month.
Thor has agreed to sell the project to Australian company PC Gold Pty Ltd for a total of AUD3.5 million, but the sale was conditional on PC Gold securing an unconditional finance offer from an unnamed precious metal private equity fund based in the US.
On Wednesday, Thor said PC Gold has informed the company it has now secured that financing offer with formal agreements currently being negotiated. Thor is expecting to sell the initial stake agreed under the deal before the end of February.
Thor shares were down 8.3% to 0.0250 pence per share Wednesday.
By Joshua Warner; [email protected]; @JoshAlliance
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