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Thor Mining PLC (“Thor” or the “Company”) (AIM, ASX: THR, OTCQB: THORF), requests a trading halt be placed on its securities immediately, pending an announcement to the market in relation to a capital raising.
Thor is not aware of any reason that a trading halt should not be placed on its securities. The trading halt is expected to be lifted by no later than commencement of trading on Tuesday, 29 November 2022, pending release of an announcement by the Company in relation to the capital raising.
This request was authorised for release by the Board of the Company
Why do it now, before any significant news about Uranium or Gold prospects is released?
Has to be something to do with progressing Ragged Range, From today's RNS:
"The Molyhil divestment and Bonya sale reflect the Company's focus on our priority US uranium assets and the multi-element Ragged Range project, where we see the most significant and nearest-term value potential within Thor's portfolio."
Given when this was streamed (10 hours ago from post) NOTHING indicates the need for a raise right now - notice the answer to the funding of ongoing projects - https://www.youtube.com/watch?v=cw5Q76qCOPM
That aged well
Not a good climate or time to be raising money. Needs a very bullish statement with regards to the uranium drilling to get this away at a reasonable discount to current price.
Sounds like loads of jollies to the USA for the. Maybe a bit of Christmas shopping soon. 0.2p for the raise is my guess.
My guess would be around 0.35p.
I was thinking around that figure dcgc, proably best to get the raising out of the way to remove any financial uncertaity. If the uranium prospects or ragged range are fortunate enough to be proven up then it won't really matter what price the funds are raised at .
Perhaps Nicole intends to hang on to some of those POW shares for a few months, given the newsflow there.
Is the CR a bad sign for upcoming drill results? If they expect great results, raise after them...if poor raise now...
...only my opinion, still holding long term.
There is a strong possibility that the expected newsflow at POW will send it's share price substatially higher, in my opinion to sell them now is reckless. The raising of funds now, even just to negate that senario is positive.
From looking at the price action in POW over the past few months, the main reason why the POW share price is not much closer to 2p is because Thor Mining have been selling down a significant chunk of their POW holding. From the quarterly report dated 30/09/2022 Thor's holding dropped from 52.1mil to circa 35mil. A new batch of POW shares became available to sell from 31/10/2022 onwards so I think we can assume some of those shares are being sold down too.
Thor paid £925k in an equity deal for Pilot Mountain and they have raised a few times over th e past 7-8 years to push the project on. Selling POW shares at circa 1.5p a share would bring in circa £750k and therefore crystalise a loss on the project. I guess Thor still hold 12.5mil 4p POW warrants moving forward, but it doesn't look great especially when members of the Thor board are talking quiet loudly about the importance of Tungsten assets.
Agree with a few posters on here that POW are pushing on quickly and it would be good for Thor to keep hold of at least some POW shares. I feel this may be the case moving forward on the sale of some of these POW shares was simply to keep the lights on before the raise was completed.
Assuming Thor can only raise at 0.3p, for every £1mil raised at these levels would equity to 333mil additional shares or circa 17% dilution. A tough one to take for current shareholders.
As painful as it is there is progress.
All eyes on ragged range.