Business
Agreement to Aquire 25% of US Lithium Explorer
Agreement to Aquire 25% of US Lithium Explorer.
About this update from Thor Energy Plc
[{"type":"text","content":"\n \nRNS Number : 0967I Thor Mining PLC 14 June 2017 \n\n14 June 2017\n \nTHOR MINING PLC\nAGREEMENT TO ACQUIRE 25% OF US LITHIUM PTY LIMITED\nOPTION AGREEMENT TO ACQUIRE REMAINING 75%\n \nThe Board of Thor Mining Plc (\"Thor\" or the \"Company\") (AIM, ASX:THR) is pleased to announce it has agreed to acquire 25% of US Lithium Pty Limited (\"USL\"), a private Australian company with interests in lithium focused projects in Arizona and New Mexico, in the United States of America. It has also entered into an agreement which gives it the option to acquire a further 75% of USL for a period of 45 business days. \nHighlights:\n- Thor Mining to expand its commodity project portfolio in North America into the lithium sector, complementing its tungsten interests in Nevada;\n- Binding Sale and Purchase Agreement (\"SPA\") signed today to acquire 25% of the issued share capital of USL from Pembridge Resources plc (LON: PERE) (\"Pembridge\") for US$75,000 (approximately £58,845) in cash;\n- Thor to also provide A$50,000 (£29,564) to USL to cover operational costs during the next three months; and\n- Separately, a 45 business day First Right of Refusal Agreement (\"Option Agreement\") signed to acquire the remaining 75% of USL through the issue of 52,777,777 ordinary shares of 0.01p each in the capital of Thor (\"Ordinary Shares\") at a deemed price of 0.90p per Ordinary Share (for a total share consideration value of £475,000).\n \nMick Billing, Chairman of Thor Mining plc, commented: \"We are delighted to have secured a stake in these exciting US-based lithium properties. Lithium is a key ingredient in the lithium-ion batteries that power billions of smartphones, laptops and, increasingly, electric cars. Analysts at Morningstar expect lithium demand to rise 16 per cent a year from 175,000 tonnes in 2015 to 775,000 tonnes by 2025, the fastest increase of any significant commodity over the past century (source: Financial Times, 6/1/17).\n\"The acquisition of lithium interests in the United States is particularly exciting for Thor. The lithium projects are well positioned geographically and offer, we believe, significant upside value potential should the work on the ground continue to de...