Business
Placing to raise £300,000
Placing to raise £300,000.
About this update from Thor Energy Plc
[{"type":"text","content":"\n \nRNS Number : 4707Y Thor Mining PLC 17 May 2016 \n\n \n \n \n17 May 2016\n \nTHOR MINING PLC\n \nPlacing to raise £300,000\n \nThe Directors of Thor Mining PLC (\"Thor\" or the \"Company\") (AIM, ASX: THR), are pleased to announce that the Company has, subject to shareholder approval, raised £300,000 via a placing.\n \nHighlights:\n \n§ Thor has raised a total of £300,000 before expenses through the placing of 1,200,000,000 ordinary shares of 0.01p each (\"Ordinary Shares\") at a price of 0.025p each with new investors (the \"Placing\");\n \n§ The Placing price was set at the bid price of Thor at the time the Placing commenced;\n \n§ Subscribers for these Ordinary Shares under the Placing will also be granted one warrant for every share subscribed for under the Placing, to subscribe for further Ordinary Shares at a price of 0.05p per share, valid for 30 months;\n \n§ As part of this raising, Metal Tiger plc has subscribed for 400,000,000 Ordinary Shares, and 400,000,000 Warrants; \n \n§ Following completion of the Placing in full, Metal Tiger plc will have an interest in 400,000,000 Ordinary Shares in the capital of the Company, representing 6.97 per cent of the Company's enlarged share capital;\n \n§ The funds raised will enable Thor to advance a number of elements of its existing business interests, including testing for tungsten mineralisation at selected targets very close to Molyhil, and assessing other strategic opportunities as well as to provide general working capital.\n \n \nMick Billing, Executive Chairman of Thor said: \"I am delighted with the funds raised and particularly that this incoming finance was secured at the bid price of Thor with no discount applied.\n \n\"Just as important, the money raised supports our plans for accelerating the development of our business.\n \n\"In addition to the funds raised through the Placing, a further A$1.5m is payable to the Company within the next nine months following the sale of the Spring Hill Gold Project as announced recently.\"\n \n \nPlacing Information\nThe Company will shortly issue 336,000,000 Ordinary Shares and 336,000,000 Warrants and will convene a General Meeting of the Company at which shareholders will be asked to give the Directors the n...