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Thor Mining PLC - the exploration & development company - To sell the Spring Hill gold project royalty entitlement, subject to approval from the Australian government Foreign Investment Review Board, to AIM-quoted Trident Royalties PLC for AUD1.0 million, about GBP555,217. Initial payment of AUD400,000, comprising AUD50,000 immediate payment, followed by AUD350,000 on completion expected to take in the order of three months. First production milestone payment of AUD300,000 upon cumulative sales reaching 25,000 ounces of gold, and second production milestone payment of AUD300,000 upon cumulative sales reaching 50,000 ounces of gold. These two milestone payments, at the election of Trident, may be made via the issue to Thor of Trident shares at an issue price equivalent to the volume weighted average price of Trident shares on the AIM market over the five business days prior to Trident's election to make such payment in shares.
Thor current stock price: 0.38 pence
Year-to-date change: down 6.1%
Trident current stock price: 21.33 pence
Year-to-date change: up 22%
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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