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Share Price: 22.50
Bid: 22.00
Ask: 23.00
Change: -1.00 (-4.26%)
Spread: 1.00 (4.55%)
Open: 23.50
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Yest. Close: 23.50
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Thor Mining Strikes Deal To Acquire Uranium Assets In US

Mon, 1st Jun 2020 15:41

(Alliance News) - Thor Mining PLC on Monday said it has struck a deal to secure an option to acquire American Vanadium Pty Ltd, an Australian company with interests in uranium and vanadium focussed projects in the US.

Thor also said it has completed a fundraise, securing AUD970,000, about GBP526,361, with London-listed investor Metal Tiger PLC contributing AUD130,000.

On the potential acquisition, Thor's Executive Chair Mick Billing said: "This is an outstanding opportunity for Thor and its investors. Deposits from the Uravan Mineral Belt have produced large quantities of high grade uranium and vanadium ore over decades, until the early 1980's when the global uranium price collapsed."

American Vanadium has "100% interests in 199 contiguous claims in the Uravan Mineral Belt", which is located in south western Colorado, Thor noted.

And on the fundraising, Thor raised AUD700,000 in the placing of 140.0 million shares at AUD0.5 cent each.

Thor was trading 21% higher at 0.39 pence each in London on Monday afternoon.

Metal Tiger, Thor's largest shareholder, has invested AUD130,000 and has agreed to invest a further AUD120,000. Metal Tiger shares were up 17% at 2.37p on Monday.

Thor's Cahir Billing and another Director Richard Bradey invested AUD10,000 each.

The funds will be "devoted to exploration activities at the uranium and vanadium projects" subject to the American Vanadium acquisition.

By Eric Cunha; ericcunha@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

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