Last checked at 23 May 2014 07:10
23 May 2014
THOR MINING PLC
Share Placement to boost Tungsten Project
The Directors of tungsten and gold focused developer, Thor Mining PLC ("Thor" or the "Company") (AIM, ASX: THR), are pleased to announce that the Company has raised A$100,000 (approximately £55,000) by way of a placing of 25,000,000 new Ordinary Shares each in the capital of the Company (the "Placing Shares") to sophisticated investors, at 0.4 cents per share (approximately 0.22 pence) ("the Placing").
The proceeds of the Placing will be used to fund the Company's working capital requirements, including continued assessment of its advanced Molyhil tungsten project in Australia's Northern Territory primarily, and where prudent, its gold projects in the Northern Territory and Western Australia.
Application has been made for admission of the Placing Shares to trading on AIM, which is expected to become effective on or around 30 May 2014.
The Placing utilises a portion of the available capacity of the Company's issued capital prior to the Placing pursuant to ASX Listing Rule 7.1A. Following the issue and allotment of these shares, Thor Mining PLC will have 1,703,559,855 shares on issue.
The above figure of 1,703,559,855may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the FCA's Disclosure and Transparency Rules.
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 |