RNS14 Jan 2021 09:22
SUE OF SECURITIES
The directors of Thor Mining Plc ("Thor" or the "Company") (AIM, ASX: THR) are pleased to advise completion of the acquisition of additional licence areas (one of which is under application, pending approval) adjacent to Ragged Range in the Pilbara region of Western Australia. Thor previously advised the execution of a non-binding Terms Sheet for this acquisition on 23 November 2020.
Thor shall issue new ordinary shares of 0.01p each ("Ordinary Shares") and options to acquire Ordinary Shares pursuant to the agreement, and will also issue new Ordinary Shares in negotiated settlement of broking fees, resulting from the acquisition of the US uranium and vanadium assets completed in September 2020.
Highlights:
-- Two licences (E46/1340 and E46/1354 (application)) include areas over, and surrounding, historical small scale gold and copper mines.
-- New licence area increases the Thor exposure to potential granite contact deposits, complementing the mafic/ultra-mafic contact exposure dominated by the 13 kilometre gold zone previously reported (Figure 2 THR:ASX 21 October 2020).
-- The newly acquired tenure is considered highly prospective for shear hosted gold mineralization along the granite contacts to the north and hydrothermal copper mineralization associated with the felsic porphyries intruding the mafic Euro Basalts in the north- east.
-- Thor to issue 12,500,000 million new Ordinary Shares and 8,333,000 options to acquire Ordinary Shares @ A$ 3.0cents per Ordinary Share, expiring 10 November 2022 in payment of the Initial Consideration.
-- Thor also to issue 6,000,000 new Ordinary Shares in negotiated settlement of broking fees, resulting from the acquisition of the US uranium and vanadium assets completed in September 2020.
Mick Billing, Executive Chairman of Thor Mining, commented:
"We are delighted to complete this acquisition and add to our holdings adjacent to Ragged Range where we have made very encouraging progress this year."
"Our sampling programs and airborne magnetic survey results to date have produced exciting and encouraging results, with a further sampling program, along with assessment of drill program access requirements to commence shortly."
ACQUISITION AGREEMENT
The acquisition consideration comprises:
-- Initial Consideration
-- 12.5 million Ordinary Shares in Thor;
-- 8.333 million options to acquire Thor shares @ A$ 3.0cents, expiring 10 November 2022;
-- Thor to transfer 100% of its interest in E52/3679 (WA licence under application with a value in the Thor accounts of approximately A$4,400) ;
-- Net Smelter Royalty of 1% from production from each tenement area.
-- Milestone consideration
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