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AFC Equity Investments Limited Announces Acquisition of Common Shares of Thor Explorations Limited
AFC Equity Investments Limited Announces Acquisition of Common Shares of Thor Explorations...
About this update from Thor Explorations Ltd.
[{"type":"text","content":"\n\n\n\nAFC Equity Investments Limited Announces Acquisition of Common Shares of Thor Explorations Limited\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nLAGOS, Nigeria, April 30, 2020\n\n\n\nLAGOS, Nigeria, April 30, 2020 /CNW Telbec/ - AFC Equity Investments Limited, Mauritius (\"AFC Equity\") a wholly-owned subsidiary of Africa Finance Corporation, a multilateral development finance institution, announced today that it has completed a subscription for 28,215,750 common shares of Thor Explorations Ltd. (TSX-V: THX) (the \"Issuer\") by way of a private placement (the \"Private Placement\") at a price of CA$0.20 per common share, for an aggregate subscription amount of CA$5,643,150. AFC Equity also acquired 33,329,480 common shares issued by the Issuer as consideration for the risks taken by Africa Finance Corporation in providing  a term loan facility in the amount of USD54,000,000 to a subsidiary of the Issuer pursuant to a senior secured facility agreement dated as of April 15, 2020 for the development of the Issuer's Segilola mine project (the \"Bonus Share Acquisition\").\nFollowing the Private Placement and the Bonus Share Acquisition, AFC Equity owns 106,358,480 common shares of the Issuer, representing approximately 19.5% of the issued and outstanding common shares of the Issuer. Prior to the Private Placement and Bonus Share Acquisition, AFC Equity owned 44,813,250 common shares of the Issuer, representing approximately 9.97% of the issued and outstanding common shares of the Issuer. \nAFC Equity acquired the common shares of the Issuer for investment purposes. It may, in accordance with applicable securities laws, increase or decrease its investment by future acquisitions or dispositions of common shares or other equity, debt or other securities of the Issuer in the open market, through private agreement or treasury issuances or otherwise, depending on market conditions, the business and prospects of the Issuer and other relevant factors. Notwithstanding the foregoing, pursuant to a relationship agreement entered into between AFC Equity...