26th Feb 2016 09:20
LONDON (Alliance News) - Thor Mining PLC shares rose on Friday morning after the company said it has received AUD2.0 million in cash from the sale of its Spring Hill Gold project.
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.
Earlier this month, Thor said PC Gold has informed the company it has now secured that financing offer with formal agreements currently being negotiated, and it expected the deal to complete by the end of February.
On Friday, Thor confirmed it has received AUD2.0 million of the consideration for the assets, strengthening its financial position and allowing it to repay a loan it secured against the Spring Hill assets.
Thor shares were up 16% on the news to 0.0340 pence, one of the best performers in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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