15th Sep 2020 12:14
(Alliance News) - Thor Mining PLC on Tuesday said it has raised GBP1.1 million through the issue of shares at 0.6 pence each.
Shares in the vanadium and gold miner were trading 7.6% higher at 0.66p each midday Tuesday in London.
Thor Mining stated it has raised GBP742,500 through the placing of 123.8 million shares at 0.6p each. It added it has also raised a further GBP323,000 through the conditional placing - to Metal Tiger PLC, Artemis Resources Ltd and its broker SI Capital, together with subscriptions by its directors - of a total of 53.8 million shares also at a price of 0.6p each.
As part of the conditional placing, Thor's largest shareholder Metal Tiger invested GBP150,000 and Artemis Resources invested GBP138,000. Thor Chair & Chief Executive Michael Billing invested GBP15,000, and Non-Executive Director Mark McGeough invested GBP5,000.
Thor Non-Executive Director Mark Potter is chair of gold exploration and development company Artemis Resources.
The new cash will be used to fund exploration at the Ragged Range gold and nickel project in the Pilbara region of Western Australia, for further investment in EnviroCopper Ltd, exploration activities on uranium and vanadium projects in the US, as well as for general working capital.
Following admission, Thor Mining will have 1.43 billion shares in issue with Metal Tiger having a shareholding of 171.6 million shares, around a 12% stake.
Separately, Metal Tiger said as part of a AUD10.0 million fundraise by Loss Cerros Ltd, it has subscribed for 750,000 further shares at AUD0.115 each. The AUD86,000 investment takes the investors holding in the gold explorer to 3.9 million shares.
Funds raised by Los Cerros will be used to fund a three-rig diamond drilling programme across multiple sites as well as to pay down debt.
Metal Tiger said the Los Cerros share price has increased more than five-fold since its initial investment in early 2020.
Shares in Metal Tiger were trading 1.2% higher at 25.80p each midday Tuesday in London.
By Ife Taiwo; [email protected]
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