Thor Mining PLC has secured a strategic financing and agreement with London based Metal Tiger plc. Metal Tiger is to invest a further £300,000 (approximately A$525,000) in Thor Mining through a subscription for 10,000,000 shares. Highlights:
- A 20% premium to the closing share price of Thor on AIM
- Money raised will be applied to the advancement of key Thor projects including Molyhil, Pilot Mountain and Kapunda Copper
- For each subscription share Metal Tiger will also receive one warrant to subscribe for a further new ordinary share in Thor at 5 pence per share with a two year maximum exercise life
- Should the share price of Thor exceed a 14 (fourteen) pence volume weighted average price for five consecutive business days, Thor may, at its sole volition, seek accelerated conversion of the warrants secured by Metal Tiger
- Metal Tiger, reflective of the premium price paid for Thor stock, will receive a 90 day first right of refusal to participate in any new joint venture, acquisition or similar transaction undertaken by Thor Mining during the period
- The first right of refusal shall not automatically include any current discussions or negotiations with third parties in relation to existing Thor projects held or projects already under review, however Thor may extend an invitation to Metal Tiger to participate should this be considered appropriate to all parties.
Mick Billing, Executive Chairman, commented: “On 15 November 2017 Thor confirmed that the company had raised over £1.3million from the placing conducted in October 2017 and the subsequent warrant conversions undertaken, and that based on then operational plans the company had sufficient funds to extend the cash runway of the business until 2019.”
“Since 15 November 2017 Thor has secured an additional £594,537 from warrant conversions and now £300,000 from this financing, which together considerably bolster working capital and further extend the Company’s cash runway and extremely robust financial position.”
“Without question our financial strength enables the company to be aggressive with its plans, whilst also demonstrating to our shareholders, potential investors and the market as a whole that Thor is financially self-sufficient for a considerable period.”
“This financing has been undertaken with Metal Tiger, a company that has achieved considerable operational and investing success, and has seen many of its investments achieve considerable gains for shareholders.”
“I look forward to working with Metal Tiger and assessing a number of opportunities across our current operational portfolio where there may be potential for collaborative transactions between our companies. The 90 day first right of refusal period allows us the opportunity to explore opportunities with a degree of commitment and engagement from both companies.”
Thor Mining is quoted on the AIM Market of the London Stock Exchange and on ASX in Australia. It holds 100% of the advanced Molyhil tungsten project in the Northern Territory of Australia, for which an updated feasibility study in 2015 suggested attractive returns.
Thor also holds 100% of the Pilot Mountain tungsten project in Nevada USA (pictured) which has a JORC 2012 Indicated and Inferred Resources Estimate on two of the four known deposits.
Thor is also acquiring up to a 60% interest Australian copper development company Environmental Copper Recovery, which in turn holds rights to earn up to a 75% interest in the mineral rights and claims over the portion of the historic Kapunda copper mine in South Australia recoverable by way of in situ recovery.
Thor has a material interest in US Lithium, an Australian private company with a 100% interest in a lithium project in Nevada, USA.
