Business
Spring Hill Royalty Sale
Spring Hill Royalty Sale.
About this update from Thor Energy Plc
[{"type":"text","content":"\n \n \n RNS Number : 9302S\n Thor Mining PLC\n 14 July 2020\n \n \n \n \n 14 July 2020\n \n \n THOR MINING PLC\n \n \n A$1.0 MILLION SPRING HILL ROYALTY SALE\n \n \n The directors of Thor Mining Plc (\"Thor\") (AIM, ASX: THR) are pleased to advise the sale of the Spring Hill gold project royalty entitlement, subject to approval from the Australian government Foreign Investment Review Board (FIRB), to AIM quoted Trident Royalties Plc:\n \n \n \n \n \n Highlights:\n \n \n · \n Total consideration of A$1.0 million,\n \n \n · \n Initial payment of A$400,000, comprising A$50,000 immediate payment, followed by A$350,000 on completion, including FIRB approval,\n \n \n · \n First production milestone payment of A$300,000 upon cumulative sales reaching 25,000 ounces of gold,\n \n \n · \n Second \n production milestone payment of A$300,000 upon cumulative sales reaching 50,000 ounces of gold.\n \n \n \n \n \n Mick Billing, Executive Chairman of Thor Mining, commented: \n \n \n \"We are very pleased to be able to monetise our royalty rights to the Spring Hill gold royalty in these challenging times.\"\n \n \n \"We have active plans to accelerate exploration programs at the Pilbara gold project, the Kapunda copper and gold investment, and our new opportunity with uranium and vanadium in the USA, and the revenue from this sale, combined with existing cash reserves is expected to meet those programs.\"\n \n \n \n \n \n Transaction Details\n \n \n Thor Mining Plc has executed a Sale and Purchase Agreement (SPA) with TRR Services Australia Pty Ltd, a 100% owned subsidiary of Trident Royalties Plc (Trident), for the sale to Trident of 100% of Thor's royalty entitlement from gold sales from the Spring Hill gold project.\n \n \n A director of Thor, Mark Potter, is also a director of Trident Royalties Plc. Mr Potter has not participated in any decisions is respect of this transaction.\n \n \n The terms of the sale provide for immediate payment of A$50,000, followed by a further payment of A$350,000 upon completion, including FIRB approval of the transaction, expected to take in the order of three months.\n \n \n Two milestone payments, each of A$300,000 are then due on cumulative production and sale of 25,000 ounces, and 50,000 ounces of gold respectively. These two milestone payments, at the election of Trident...