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Thor Announces Terms of New Proposed Private Share Placement and Expiry of Previously Announced Private Share Placement
VANCOUVER, British Columbia, Aug. 19, 2019 (GLOBE NEWSWIRE) -- Thor Exploration Ltd. (TSXV: THX) (the “Company”) announces that further to its news releases dat
About this update from Thor Explorations Ltd.
[{"type":"text","content":" VANCOUVER, British Columbia, Aug. 19, 2019 (GLOBE NEWSWIRE) -- Thor Exploration Ltd. (TSXV: THX) (the “Company”) announces that further to its news releases dated April 30, 2019, June 17, 2019 and July 17, 2019, the Company will not proceed with the proposed private placement, as the 45-day period, as extended from time to time, to close the private placement from the date of the original announcement has expired. However, the Company still intends to complete, and hereby announces, a private placement of up to 100,500,000 Common Shares of the Company at a price of $0.20, for aggregate proceeds of up to $20,100,000 (US$15,000,000) (the “Offering”).The net proceeds of the Offering shall be used primarily for development of the Company's Segilola Gold Project in Nigeria (“Segilola”), further exploration in Nigeria and at the Company’s Douta Project in Senegal, and for general corporate purposes. The Offering is subject to all necessary regulatory approvals, including the approval of the TSX Venture Exchange. The securities being issued pursuant to the Offering will be subject to a four month hold period in accordance with applicable Canadian securities law. A finder’s fee may be payable to parties at arm’s length to the Company that have introduced the Company to certain subscribers participating in the Offering. About Thor Thor Explorations Ltd. is a Canadian mineral exploration company engaged in the acquisition, exploration and development of mineral properties located in Nigeria, Senegal and Burkina Faso. Thor holds a 100% interest in the Segilola Gold Project located in Osun State of Nigeria and a 70% interest in the Douta Gold Project located in south-eastern Senegal. Thor also holds a 49% interest in the Bongui and Legue gold permits located in Houndé greenstone belt, south west Burkina Faso. Thor trades on the TSX Venture Exchange under the symbol “THX”. THOR EXPLORATIONS LTD.Segun Lawson President & CEO Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release does not constitute an offer to purchase securities. The securities to be offered in the offering have not been and will not be registered under the United States Securities Act of 1933...