27th Mar 2019 12:34
LONDON (Alliance News) - Thor Mining PLC on Wednesday said it has bought two new Australian projects, while also raising GBP400,000 in a share issue.
Thor has bought Pilbara Goldfields Pty Ltd and Hamersley Metals Pty Ltd, which hold two granted and seven applied for gold and uranium licences in Western Australia and the Northern Territory.
Thor is paying GBP450,500 by issuing 53 million new shares at 0.85 pence each to the vendors in total, and they will both get 26.5 million warrants exercisable at 1.30p per share.
Should the projects reach commercial production, the two sellers will get a further 22.5 million shares each.
On the financing front, Thor has raised GBP400,000 placing 47.1 million new shares at 0.85p, to help with working capital. It has also issued a warrant with each new share exercisable at 1.30p.
Thor shares were down 8.8% on Wednesday at a price of 0.78p.
Thor also said it is looking to appoint a new non-executive director, with due diligence currently ongoing.
Executive Chair Mick Billing said: "I am extremely pleased to announce today's strategic Australian acquisitions which add gold and uranium into the Thor Mining Australian portfolio.
"The company is seeing the maturity of its Molyhil project as we move toward the mine construction and production phases. Likewise, with Kapunda as announced the company is moving its interest into a new vehicle with a listing strategy on a recognised stock exchange."
"In anticipation of the above crystallisation process the company needs to access new Australian opportunities and the strategic acquisitions announced today enable us to take a material step forward in this regard," Billing continued.
"Alongside this the strategic financing further bolsters our working capital and provides a considerable extension to our cash runway."
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