Business
Director Option Exercise Raising £125,000
Director Option Exercise Raising £125,000.
About this update from Thor Energy Plc
[{"type":"text","content":"\n \nRNS Number : 3917V Thor Mining PLC 02 November 2017 \n\n2 November 2017\n \nTHOR MINING PLC\nDirector Option Exercise Raising £125,000\n \nThe Directors of Thor Mining PLC (\"Thor\" or the \"Company\") (AIM, ASX: THR) are pleased to advise that Paul Johnson, Non-executive director, is to exercise ten million director options at a price of 1.25p per share raising an additional £125,000 for the Company.\n \nHighlights:\n· Paul Johnson to exercise ten million options at 1.25p per share raising an additional £125,000 for the Company;\n· The funds raised will be applied to a restricted fund for due diligence and assessment of new high impact Australian resource opportunities, to include the work being undertaken in the Pilbara region, alongside other opportunities;\n· As a result existing company cash resources including those secured through the recent strategic financing can be dedicated to commercialisation of core interests and value generation for shareholders, with this fresh money enabling the company to engage with potentially exciting new exploration opportunities;\n· Given the early exercise just under two years before option expiry, the Company has agreed to award Mr Johnson 10 million replacement options, with a three year longevity and an exercise price of 1.50p;\n· The award of the additional options will be subject to shareholder approval at a forthcoming General Meeting.\n \nMr Mick Billing, Executive Chairman, commented:\n\"During 2017 to date Paul Johnson and his wife Michelle have invested £119,748 in Thor Mining shares through participation in placings and on-market purchases. This additional investment of £125,000 at 1.25p per share brings that total to £244,748 invested during 2017.\"\n\"By any stretch it is rare to find such a level of financial commitment to a junior resource Company on AIM and we are delighted at the support demonstrated by Paul and his wife.\"\n\"We are highly excited by the prospect of our new commercialisation drive for our core assets at Pilot Mountain, Molyhil and Kapunda. This new director money enables the Company to also engage with various high impact exploration opportunities in Australia, including the Pilbara region, without d...