Business
Equity Placing to Accelerate Uranium Drilling
Equity Placing to Accelerate Uranium Drilling.
About this update from Thor Energy Plc
[{"type":"text","content":"\n\n20 September 2023\nThor Energy Plc\n \n(\"Thor\" or the \"Company\")\n \nEquity Placing to Accelerate Uranium Drilling\nWedding Bell and Radium Mountain Projects, USA\n \nThe directors of Thor Energy Plc (\"Thor\" or the \"Company\") (AIM, ASX: THR, OTCQB: THORF) are pleased to announce a successful capital raise of AUD$1m to accelerate exploration activities at the Company's 100% owned uranium assets, located in the historic uranium-vanadium mining district within the Uravan Mineral Belt, in Colorado and Utah, USA (Figure 1).\nHighlights:\n§ The Company has raised gross proceeds of AUD$1m via a placing of 23,809,524 new ordinary shares and Australian Securities Exchange-listed (\"ASX\") CDI's (\"Ordinary Shares\") (the \"Placing Shares\") at a price of AUD$0.042 (4.2 cents) per Ordinary Share (the \"Placing\"), well above the 15 VWAP of $0.0384.\n§ Strategic small placement limited to AUD$1m saw strong demand with scale-backs.\n§ Strong support was received from existing and new shareholders, strengthening the Company's share register. GBA Capital Pty Ltd acted as lead manager for the Placing.\n§ Funds raised will be used to accelerate drilling activities at the USA uranium and vanadium assets, including the proposed 4000m RC drilling program at the Radium Mountain/Wedding Bell Project, Colorado followed by a maiden drilling campaign at Vanadium King Project, Utah.\n§ Drilling Contractor Boart Longyear is secured, with drilling to commence in September 2023.\n \n\n \nNicole Galloway Warland, Managing Director of Thor Energy, commented:\n\"We are very excited to complete this strategic placement of AUD$1M to accelerate drilling at Rim Rock, Groundhog and Section 23 uranium prospects at the Radium Mountain/Wedding Bell Project, as well as completing a maiden drilling program at our Vanadium King Project. The recent airborne magnetic survey defined several targets worthy of drill follow-up.\n\"We are highly encouraged to receive the ongoing support from the Company's existing shareholders and are also delighted to welcome new investors to our share register who recognise the significant potential of our USA uranium portfolio.\n\"We look forward to updating the market in due course with the development of our US drilling activities.\"\n \n\nFigure 1: USA Uranium and Vanadium Project Location Map wi...