20th Feb 2014 16:21
LONDON (Alliance News) - Thor Mining PLC Thursday said it has raised GBP750,000 before expenses, after issuing more than 320 million shares to Lanstead Capital LP through a subscription at 0.23375 pence a share, funds it will use to bolster its cash resources and fund its gold exploration projects in Australia.
The Australian tungsten and gold explorer and developer said it has also entered into an equity swap with Lanstead Capital L.P. so that it keeps an economic interest in the shares it has issued.
"The structure of the fundraising and associated swap arrangements is designed to provide additional financing to maintain our planned programmes, in particular to further progress the development of our Molyhil tungsten project, and the Spring Hill gold project, whilst allowing the company to secure much of the potential upside arising from anticipated near term news flow," said Executive Chairman Mick Billing in a statement.
Shares in Thor Mining were trading 5.6% lower Thursday afternoon, at 0.255 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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