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in THRs history has just dropped.
I suspect PJ made it a condition of the Pilot Mountain deal.
Only way is up now!
Billings's is gone? I bet they're counting the silverware right now.
Ding dong the witch is dead !
bsg4 - legend mate you've won!
Will you buy some THR shares now?
Best of luck to him. We are where we are. I am feeling more optimistic than I did. I shall be waiting to see what comes next.
To be expected I guess and he's handed up to Nicole a pretty decent collection of assets.
If you don't hit the big one or get a JV/sale then for explorers placings are what happens and the point of listing.
Not sure if he had any big successes recently but the company is in good shape and it can be slowly slowly catchy monkey - take GGP or Eurasia Mining as examples - all been at this point not too long ago.
So Black & Decker Mick has hung up his drill bit. Was hoping for a bit of an uplift in the SP but early days tbh.
Added a few more this morning. ATB
2 September 2021
Thor Mining PLC
Director Resignation
The directors of Thor Mining Plc ("Thor") (AIM, ASX: THR, OTCQB: THORF) advise that Mick Billing, Executive Chairman has tendered his resignation from the Company with immediate effect.
Nicole Galloway Warland, Managing Director of Thor Mining, commented:
"Mick Billing has been very influential in the strategic direction of Thor Mining over a period of more than 13 years with the Company, and we have greatly appreciated his significant contribution. We wish Mick well in his retirement from the Board and his pursuit of his personal and business interests."
retired on a nice fat pension I expect. All those placings had to go somewhere, I guess. IMO.
Gone
Well they sold an asset but got exposed to 10 more via POW and all in gr8 jurisdictions.
Its absolute bs to say revenue is king for a junior explorer. Asset growth and big pay days is the motive placings are expected. Get back to Stockopedia and investing with Grandad they don't get it either or want any risk.
They cant sell the shares straight away must wait and then 25pc every 6 mths with lots of warrant options. POW are really hotting up going to be an intense year end.
The point of a deal is mutual benefit and think its good business. Lth were starting to say get the US moving or moved on. Perhaps hoped for a bigger fish but this way its more collaborative with a hungrier fish.
Morning All
We all kind of knew that THR had too many fingers in too many pies really. Selling an asset is better than yet another placing - bsg : ) - to raise money. This is a sensible business decision BUT next THR needs to get JVs in place for the rest and get the bl**dy stuff out of the ground and STOP just talking about it!!!!!
THR has so many assets. not easy to fork out funds to make progress in all of them.
i agree with THR decision to focus on copper/gold and uranium.
after all, with all green initiatives,/electric car, we need copper price expecting to rise even higher. and Uranium will be massive as well and will start making progress later this year.
with mcap only 12m, THR can rise multiple from here with just copper /gold and uranium.
lets someone else fork our the high cost to progress the tungsten assets.
It’s called an M&A deal HH! We would all love to have cash but there is a trade off. The POW shares will be sold off ASAP.
I would have been much happier with all cash for Pilot Mountain(assuming of course the option is exercised) rather than the bulk of the payment in shares in POW unless there was a compelling reason for THR to accept those terms
Hi, tweenie @14.25
Every board has its perma-bears; and bsg and scorpio2 are excellent at what they do, which is to depress sentiment. It's a strange hobby, if one thinks about it.
Moan when they flip an asset
Moan when they dig
Moan when they do nothing.
Personally, happy for cash and shares and a more focused approach.
I really hope this isn't old boys network smoke and mirrors
Good stuff. Thor starting to move forwards!
The 48m shares in POW can be sold, but not all at once.
"Thor Mining will hold the Initial Consideration Shares in full for a minimum of 6 months after the Option Exercise date, and thereafter the Initial Consideration Shares will become freely tradable in 25% instalments (25% tradable 6 months after Option Exercise date, 50% after 9 months, 75% after 12 months and 100% after 15 months.) This trading restriction period may be varied by both parties with written agreement."
The warrants give Thor a long term interest in POW (which is fine by me, as I'm an admirer of Paul Johnson, for buying into GGP at the bottom).
It must be rembered that THR went through a process a few years back with regard to many of their assets and that included Pilot Mountain. At the time it was considered too small to attract a JV partner. Best to get rid of it and concentrate on the OZ assets.
A Paul Johnson company. He was a director of Thor & was pushing Pilot Mountain, so he knows the history of the resource. Be interesting to see what comes of it.
Mostly shares in POW, at a hefty premium. Not much cash. Old boys network in action.
I'm getting a good feeling about this company's management. Nice start to the week.