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24 Apr 2014 07:00
Rule 5.3
Thursday 24 April 2014
THOR MINING PLC
Thor Mining PLC ("Thor" or the "Company")
The Directors of Thor Mining PLC (AIM, ASX: THR) today released the following announcement on the Australian Securities Exchange ("ASX") as required under the listing rules of the ASX.
Appendix 5B
Mining exploration entity quarterly report
Name of entity |
THOR MINING PLC |
ACN or ARBN | Quarter ended ("current quarter") | |
121 117 673 |
| 31 March 2014 |
Consolidated statement of cash flows
Cash flows related to operating activities
| Current quarter $A'000 | Year to date (9 months) $A'000 | |
1.1 | Receipts from product sales and related debtors | 0 | 0 |
1.2 | Payments for (a) exploration & evaluation (b) development (c) production (d) administration | (168) 0 0 (212)
| (874) 0 0 (743)
|
1.3 | Dividends received | 0 | 0 |
1.4 | Interest and other items of a similar nature received | 1 | 6 |
1.5 | Interest and other costs of finance paid | (16) | (52) |
1.6 | Income taxes paid | 0 | 0 |
1.7 | Other (provide details if material)
| 0 | 0 |
Net Operating Cash Flows | (395) | (1,663) | |
Cash flows related to investing activities | |||
1.8 | Payment for purchases of: (a) prospects (b) equity investments (c) other fixed assets | 0 0 0 | 0 0 0 |
1.9 | Proceeds from sale of: (a) prospects (b) equity investments (c) other fixed assets | 0 0 0 | 0 0 3 |
1.10 | Loans to other entities | 0 | 0 |
1.11 | Loans repaid by other entities | 0 | 0 |
1.12 | Other:- Deposits supporting guarantees | 0 | 0 |
Net investing cash flows | 0 | 3 | |
1.13 | Total operating and investing cash flows (carried forward)
| (395) | (1,660) |
1.13 | Total operating and investing cash flows (brought forward) | (395) | (1,660) |
Cash flows related to financing activities | |||
1.14 | Proceeds from issues of shares, options, etc. (Refer Note 6) | 42 | 1,361 |
1.15 | Proceeds from sale of forfeited shares | 0 | 0 |
1.16 | Proceeds from borrowings | 0 | 0 |
1.17 | Repayment of borrowings | 0 | 0 |
1.18 | Dividends paid | 0 | 0 |
1.19 | Other (provide details if material) | 0
| 0
|
Net financing cash flows | 42 | 1,361 | |
Net increase (decrease) in cash held |
(353) |
(299) | |
1.20 | Cash at beginning of quarter/year to date | 364 | 310 |
1.21 | Exchange rate adjustments to item 1.20 | 0 | 0 |
1.22 | Cash at end of quarter | 11 | 11 |
Payments to directors of the entity and associates of the directors
Payments to related entities of the entity and associates of the related entities
| Current quarter $A'000 | |
1.23 | Aggregate amount of payments to the parties included in item 1.2 | 11 |
1.24 | Aggregate amount of loans to the parties included in item 1.10 | 0 |
1.25 | Explanation necessary for an understanding of the transactions | |
| DD$90,0$11k includes: - Directors Fees totalling $5k (G Durack $5k) and Consulting fees totalling $6k (M Billing $6k). ). | |
Non-cash financing and investing activities
2.1 | Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows |
|
During the quarter, 194,000,000 new Ordinary Shares were issued to Lanstead Capital L.P. ("Lanstead"), a new institutional investor in the Company, as the 1st tranche of a two tranche facility. Consideration for the Shares was UK£418,312. UK£22,747 (AUD$42,116) of this consideration was received during the quarter. The outstanding amount of UK£395,565 will be received in instalments over 18 months, with the amount of instalments varying depending on the Company's Share price relative to a set bench mark price.
Subsequent to the end of the quarter the 2nd tranche of the facility was approved at a general meeting of shareholders.
For further information refer to the ASX release dated 21 February 2014.
| ||
2.2 | Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest |
|
Nil
| ||
Financing facilities available
Add notes as necessary for an understanding of the position.
| Amount available $A'000 | Amount used $A'000 | |
3.1 | Loan facilities
| 1,000 | 1,000 |
3.2 | Credit standby arrangements | 0 | 0 |
Estimated cash outflows for next quarter (Note 10)
$A'000 | ||
4.1 | Exploration and evaluation
| 150 |
4.2 | Development
| 0 |
4.3 | Production
| 0 |
4.4 | Administration
| 250
|
Total |
400 |
Reconciliation of cash
Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows. | Current quarter $A'000 | Previous quarter $A'000 | |
5.1 | Cash on hand and at bank | 11 | 364 |
5.2 | Deposits at call |
0 |
0 |
5.3 | Bank overdraft |
0 |
0 |
5.4 | Other (90 day Term Deposit) |
0 |
0 |
Total: cash at end of quarter (item 1.22) |
11
|
364 | |
Changes in interests in mining tenements
Tenement reference | Nature of interest (note (2)) | Interest at beginning of quarter | Interest at end of quarter | ||
6.1 | Interests in mining tenements relinquished, reduced or lapsed
|
|
|
|
|
6.2 | Interests in mining tenements acquired or increased
|
|
|
|
|
Issued and quoted securities at end of current quarter
Description includes rate of interest and any redemption or conversion rights together with prices and dates.
Total number | Number quoted | Issue price per security (see note 3) | Amount paid up per security (see note 3) | ||
7.1
| Preference securities | ||||
7.2 | Changes during quarter
| ||||
7.3 | +Ordinary securities | 1,535,661,459 | 1,535,661,459 (Refer Note 7) | N/A | Fully Paid |
7.4 | Changes during quarter (a) Increases by issues: - Placement
(b) Decreases through returns of capital, buy-backs |
194,000,000
|
194,000,000
|
0.21562 pence
|
Fully Paid
|
7.5 | +Convertible debt securities | ||||
7.6 | Changes during quarter
| ||||
7.7
| Options (description and conversion factor)
Options E (Associates)
Options E (Associates)
Options F (Associates)
Options G (Debt facility issuer)
Options H (Debt facility issuer)
Options I (Attaching to AIM listed shares)
Options J (Attaching to CDIs) |
Total number
1,000,000
4,000,000
600,000
84,141,088
62,887,808
8,399,027
20,067,431 |
Number quoted
0
0
0
0
0
0
0 |
Exercise price
3.5 cents
2.0 pence
2.0cents
0.7428 cents
0.5963 cents
0.7 pence
1.05 cents |
Expiry date
13/06/2014
21/06/2015
27/09/2015
19/03/2016
3/06/2016
30/9/2014
30/9/2014 |
7.8 | Issued during quarter
|
|
| ||
7.9 | Exercised during quarter
|
|
| ||
7.10 | Expired during quarter
Options F (Associates)
|
500,000
|
0
|
2.0 cents
|
27/09/2015
|
7.11 | Debentures (totals only) | ||||
7.12 | Unsecured notes (totals only) | ||||
Compliance statement
1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 4).
2 This statement does give a true and fair view of the matters disclosed.
Sign here: ... Date: 24/4/2014
(Company Secretary)
Print name: Ray Ridge
Notes
1 The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.
2 The "Nature of interest" (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.
3 Issued and quoted securities. The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities.
4 The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report.
5 Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.
6 Proceeds are net of issue costs.
7 Ordinary securities comprise of:
Listed on London Stock Exchange (AIM) 889,352,447
Listed on Australian Stock Exchange (ASX) - as CDIs 624,642,345
Listed on Australian Stock Exchange (ASX) - as CDI's
escrowed until 8/04/2014 21,666,667
Total Ordinary Securities at 30 June 2013 1,535,661,459
8 Issues during the quarter comprise of:
Listed on London Stock Exchange (AIM) 194,000,000
Total Ordinary Securities issued in the quarter 194,000,000
9 During the quarter, the number of shares transferred
From London Stock Exchange (AIM) to ASX as CDIs was: 7,784,620
10 Estimated cash flow for the quarter to 30 June 2014.
On 3rd April, subsequent to the March quarter, a General Meeting of the Company's Shareholders approved an issue of 142,898,396 Ordinary Shares to Lanstead, for consideration of UK£331,688. The consideration will be received in instalments over 18 months. This is in addition to the issue of 194,000,000 Ordinary Shares referred to in Section 2.1. In early April, instalments and recovered deposits totalling UK£89,753 were received by the Company, in relation to both share issues, with further instalments to be received over the next 18 months. In addition, the Company is in negotiations as to the raising of additional capital to fund its ongoing exploration activities.
Enquiries:
Mick Billing | +61 (8) 7324 1935
| Thor Mining PLC | Executive Chairman |
Ray Ridge | +61 (8) 7324 1935
| Thor Mining PLC | CFO/Company Secretary |
Colin Aaronson/ David Hignell/ Jamie Barklem | +44 (0) 207 383 5100
| Grant Thornton UK LLP
| Nominated Adviser |
Nick Emerson/ Renato Rufus | +44 (0) 1483 413500 | SI Capital Limited
| Broker |
Alex Walters | +44 (0) 7771 713608 +44 (0) 207 839 9260
| Cadogan PR | Financial PR |
Updates on the Company's activities are regularly posted on Thor's website www.thormining.com,
which includes a facility to register to receive these updates by email.
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