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Project Acquisition Agreement. A$970,000 Fundraise
Project Acquisition Agreement. A$970,000 Fundraise.
About this update from Thor Energy Plc
[{"type":"text","content":"\n \n \n RNS Number : 4996O\n Thor Mining PLC\n 01 June 2020\n \n \n \n 1 June 2020\n \n \n THOR MINING PLC \n \n \n US URANIUM & VANADIUM PROJECT ACQUISITION AGREEMENT & \n \n \n A$970,000 STRATEGIC FUNDRAISING\n \n \n \n \n \n The directors of Thor Mining Plc (\"Thor\" or the \"Company\") (AIM, ASX: THR) are pleased to announce an exclusive option to acquire 100% of the shares in American Vanadium Pty Ltd, a private Australian company, with interests in uranium and vanadium focussed projects in Colorado and Utah in the United States of America.\n \n \n The directors are also pleased to advise of a strategic financing to allow acceleration of the Company's project interests, including work on these new projects.\n \n \n Highlights:\n \n \n Project Acquisition\n \n \n · \n Thor Mining looking to expand its commodity project portfolio in North America into uranium and vanadium.\n \n \n · \n Non-binding terms sheet executed providing Thor with a 30 day exclusivity period to conduct due diligence, secure necessary approvals, and execute formal agreements.\n \n \n · \n American Vanadium Pty Ltd has 100% interests in 199 contiguous claims in the Uravan Mineral Belt in south western Colorado, and 100 claims in south eastern Utah approximately 40km north of the town of Moab.\n \n \n · \n Utah claims have reported extensive historical drilling with significant intersections of both uranium & vanadium. \n \n \n · \n Colorado claims include historical Radium Mountain and Wedding Bell groups of mines with intermittent production activity over a period of more than 100 years.\n \n \n · \n Nearby processing plant which has historically taken third party ore for toll treatment located within economic transport area potentially reduces environmental and financial development hurdles.\n \n \n · \n Thor has considerable operational experience in the USA and will utilise the in country team to immediately commence field work.\n \n \n · \n Acquisition consideration comprises\n \n \n - \n A$100,100 exclusivity fee, of which A$50,100 to be satisfied by the issue of 8,350,000 ordinary shares of 0.01p each in Thor (\"Ordinary Shares\") (\"Exclusivity Fee\").\n \n \n - \n A$144,000 acquisition fee to be satisfied by the issue of 24 million Ordinary Shares (\"Acquisition Fee\").\n \n \n - \n Future payment...