(Alliance News) - Thor Explorations Ltd on Thursday updated on its plans for a London float, with the gold miner targeting a listing on London's junior AIM market on June 22.
Thor Explorations is a West Africa-focused gold mining firm, with its flagship Segilola gold mine in Nigeria currently under construction. The company also owns a stake in an "early stage" exploration asset in Senegal and is in the process of applying for licences in Burkina Faso.
The company expects to have a GBP127 million market value upon its AIM admission. It expects to list on June 22. It will not be raising any cash as part of the float.
Canaccord Genuity Ltd is Thor's nominated adviser and joint broker, alongside Hannam & Partners as joint broker.
The company first outlined plans for a float back in March, as a supplementary listing to its TSX Venture Exchange listing in Canada. It expects to list in London during the second quarter of 2021, it said at the time.
The company expects the dual-listing to further raise its profile, increase access to UK and European investors and provide additional liquidity for Thor's shareholders.
The Segilola project, which is scheduled to deliver first gold pour in June, has a total probable reserve of 517,800 ounces at 4.02 grams per tonne of gold. It has a project net present value of USD311 million at a 5% discount rate.
By Eric Cunha; ericcunha@alliancenews.com
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