RE: RNS inbound5 Mar 2019 09:31
he Board of Thor Mining Plc ("Thor" or the "Company") (AIM, ASX: THR), is pleased to announce the Company has signed a Memorandum of Understanding (MOU) (the "Agreement") for the vending of its interest in the Kapunda Copper Project into a new copper focused Company, Enviro Copper Limited ("Enviro Copper").
It is intended that Enviro Copper will seek a listing on a recognised securities exchange in the near term.
Highlights:
· Enviro Copper will be a new, copper focused entity which will hold earn in rights for up to 75% of both the Kapunda Copper Project and the Moonta Copper Project;
· Following the acquisition of the Kapunda and Moonta Copper Project interests Enviro Copper will aim to develop an expanded portfolio of low environmental impact Insitu Recovery ("ISR") copper opportunities, initially in South Australia;
· Thor Mining PLC to hold up to 30% equity in Enviro Copperprior to any listing activities and eligible Thor Mining Shareholders will hold first option to invest in any listing of the new entity