Black Fire Shareholders Give Green Light For Thor Mining Acquisition

LONDON (Alliance News) - Thor Mining PLC Friday said it has received approval from Black Fire Minerals Ltd shareholders for its proposed acquisition of the Pilot Mountain tungsten project in the US state of Nevada.

On September 16, Thor executed a formal share sale and purchase agreement for the acquisition of the project, subject to approval from Black Fire shareholders. On October 23, Black Fire shareholders approved the proposition, and documentation is now being finalised, it said in a statement.

On July 31, Thor shareholders approved the proposition to issue 418.8 million shares to Black Fire for a consideration of AUD1.675 million at AUD0.004 per share for the acquisition.

"This is an exciting time for Thor. We are very pleased to be this significant step closer in the acquisition of the Pilot Mountain project which has an attractive existing resource and significant exploration upside," said Executive Chairman Mick Billing.

Following the acquisition, Thor will hold 100% in the tungsten project, with an indicated and inferred resource of 6.8 million tonnes at 0.31% of tungsten with additional silver and copper credits.

By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance

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