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31 Jan 2014 07:00
Friday 31 January 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
Appendix 5B
Mining exploration entity quarterly report
Name of entity |
THOR MINING PLC |
ACN or ARBN | Quarter ended ("current quarter") | |
121 117 673 |
| 31 December 2013 |
Consolidated statement of cash flows
Cash flows related to operating activities
| Current quarter $A'000 | Year to date (6 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 | (462) 0 0 (267)
| (706) 0 0 (531)
|
1.3 | Dividends received | 0 | 0 |
1.4 | Interest and other items of a similar nature received | 2 | 5 |
1.5 | Interest and other costs of finance paid | (18) | (36) |
1.6 | Income taxes paid | 0 | 0 |
1.7 | Other (provide details if material)
| 0 | 0 |
Net Operating Cash Flows | (745) | (1,268) | |
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)
| (745) | (1,265) |
1.13 | Total operating and investing cash flows (brought forward) | (745) | (1,265) |
Cash flows related to financing activities | |||
1.14 | Proceeds from issues of shares, options, etc. (Refer Note 6) | 198 | 1,319 |
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 | 198 | 1,319 | |
Net increase (decrease) in cash held |
(547) |
54 | |
1.20 | Cash at beginning of quarter/year to date | 911 | 310 |
1.21 | Exchange rate adjustments to item 1.20 | 0 | 0 |
1.22 | Cash at end of quarter | 364 | 364 |
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 | 61 |
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$61k includes: - Directors Fees totalling $22k (M Ashton $5k, M Billing $5k, D Thomas $6k, T Ireland $6k) and Consulting fees totalling $39k (M Billing $18k, D Thomas $19k, T Ireland $2k). | |
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 |
|
25 million shares to the value of $175,000 were issued to directors in lieu of fees - Directors Fees of $100,000 (M Ashton $20,000, M Billing $20,000, G Durack $20,000, T Ireland $20,000 and D Thomas $20,000) and consultancy fees of $75,000 to M Billing all as approved at the 2013 Annual General Meeting. | ||
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 9)
$A'000 | ||
4.1 | Exploration and evaluation
| 250 |
4.2 | Development
| 0 |
4.3 | Production
| 0 |
4.4 | Administration
| 250
|
Total |
500 |
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 | 364 | 911 |
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) |
364
|
911 | |
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 | 1,341,661,459 | 1,341,661,459 (Refer Note 7) | N/A | Fully Paid |
7.4 | Changes during quarter (a) Increases by issues: - Placement - Shares to Directors in lieu of fees
(b) Decreases through returns of capital, buy-backs |
40,000,000
25,000,000
|
40,000,000
25,000,000
|
0.5 cents
0.7 cents
|
Fully Paid
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
1,100,000
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 C (Directors)
Options D (Associates)
|
8,000,000
1,000,000
|
0
0
|
4.0 cents
5.0 cents
|
24/11/2013
20/12/2013
|
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: 31/1/2014
(Company Secretary)
Print name: Allan Burchard
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) 681,470,400
Listed on Australian Stock Exchange (ASX) - as CDIs 638,524,392
Listed on Australian Stock Exchange (ASX) - as CDI's
escrowed until 8/04/2014 21,666,667
Total Ordinary Securities at 30 June 2013 1,341,661,459
8 Issues during the quarter comprise of:
Listed on Australian Stock Exchange (ASX) - as CDIs 65,000,000
Total Ordinary Securities issued in the quarter 65,000,000
9 During the quarter, the number of shares transferred
From London Stock Exchange (AIM) to ASX as CDIs was: 64,552,251
10 Estimated cash flow for the quarter to 31 March 2014.
The Company is in negotiations as to the raising of
additional capital to fund its ongoing activities.
Mick Billing | +61 (0) 8 7324 1935 | Thor Mining PLC | Executive Chairman |
Allan Burchard | +61 (0) 8 7324 1935 | Thor Mining PLC | CFO/Company Secretary |
Colin Aaronson / David Hignell / Jamie Barklem | +44 (0) 20 7383 5100 | Grant Thornton UK LLP | Nominated Adviser |
Nick Emerson/ Renato Rufus | +44 (0) 1483 413500 | Simple Investments | Broker |
Alex Walters | +44 (0) 77 7171 3608 +44 (0) 20 7839 9260 | Cadogan PR | Financial PR |
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