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Thor Energy raises AUD1.3 million, ASX trading halt lifted

Mon, 13th May 2024 12:29

(Alliance News) - Thor Energy PLC on Monday said it raised AUD1.3 million, or GBP690,000, via a capital raise, allowing the trading halt on its shares on the Australian Securities Exchange to be lifted.

Meanwhile, shares in Thor Energy traded 3.3% higher at 0.93 pence in London on Monday.

The US and Australia-focused mineral exploration company said this was via the placing of 100.0 million new shares at a price of 1.3 Australian cents each.

This comprised AUD467,890 via a firm placing of 36.0 million new shares at the placing price and AUD832,100 via a conditional placing of 64.0 million with "certain institutional shareholders".

Thor Energy said this was to advance the company's 100% owned uranium assets located in Colorado and Utah in the US and copper assets in South Australia.

Non-Executive Chair Alastair Clayton has invested AUD100,000 in the conditional placing, subject to shareholder approval.

Thor Energy said all "placees" would also receive one option for each two placing shares, to subscribe for a further new share at a price of 2.6 cents expiring in three years.

All options for both the firm placing and the conditional placing will be subject to shareholder approval, Thor Energy said.

"With the addition of these funds the company is now in a position to plan for the next phases of exploration at its US and South Australian projects. We thank existing and new investors for recognising the significant potential of our uranium and copper portfolio," said Managing Director Nicole Galloway Warland.

"The board looks forward to updating the market in the near future on our exploration and project development plans."

Thor Energy noted the capital raise has allowed the trading of its shares on ASX to be lifted.

On Thursday last week, Thor Energy said its shares have halted trading on the Australian Securities Exchange.

This was to facilitate a limited capital raising to accelerate its exploration activities, particularly over its "priority" uranium assets.

By Greg Rosenvinge, Alliance News senior reporter

Comments and questions to newsroom@alliancenews.com