Business
PLACEMENT TO FUND EXPLORATION PROGRAMS
PLACEMENT TO FUND EXPLORATION PROGRAMS.
About this update from Thor Energy Plc
[{"type":"text","content":"\n \nRNS Number : 6198I Thor Mining PLC 20 June 2017 \n\n20 June 2017\n \n \nTHOR MINING PLC\nPLACEMENT TO FUND TUNGSTEN AND LITHIUM EXPLORATION PROGRAMS\n \nThe Directors of Thor Mining PLC (\"Thor\" or the \"Company\") (AIM, ASX: THR) are pleased to announce a strategic financing to allow acceleration of the Company's project interests including the recently acquired 25% interest in, and option to acquire up to 100% of, US Lithium Pty Limited.\n \nHighlights:\n \n· The Company has raised gross proceeds of £460,000 through the conditional placing of 51,111,111 new ordinary shares of 0.01p each (\"Ordinary Shares\") at a price of 0.9p (the \"Placing and Subscription\"), the mid-market price at the time the placing was undertaken;\n· Chairman Mick Billing to invest £27,000 and Non-Executive Director Paul Johnson to invest £45,000 in the placing, subject to shareholder approval;\n· Placees to receive one warrant with each placing share to subscribe for a further new Ordinary Share at 1.8p per share (\"Warrant\"), valid for two years from the date of issue and with an acceleration clause, should the 5 day VWAP of Thor's shares exceed 5.0p during this two year period;\n· Additional cash augments existing cash balances and enables the Company to accelerate exploration work on the Company's project interests.\n \nMr Mick Billing, Executive Chairman, commented: \n \n\"I am pleased to announce this very important financing which builds on the existing solid cash position and enables the Company to undertake an accelerated work programme. Proactivity on the ground delivers news to market and we anticipate numerous market updates across the Company's interests in the near term. \n \nIn particular, we await results from the drilling work at the Dundas Gold Project, we are scheduled to commence further drilling at Pilot Mountain in Nevada within the next few weeks and have commenced our review of US Lithium Pty Limited's projects, and will be active on the ground in Arizona and New Mexico shortly.\n \nWe are entering a highly news generative period for the company and I would to thank our shareholders for their support and the investors in this placing.\"\n \n \nPlacing and S...