Business
Strategic Australian Acquisitions and Financing
Strategic Australian Acquisitions and Financing.
About this update from Thor Energy Plc
[{"type":"text","content":"\n \nRNS Number : 1547U Thor Mining PLC 27 March 2019 \n\n27 March 2019\n \nSTRATEGIC AUSTRALIAN ACQUISITIONS AND FINANCING\n \nThe Board of Thor Mining Plc (\"Thor\") (AIM, ASX: THR) is pleased to announce the acquisition of two Australian private companies to expand the Company's operational portfolio in anticipation of the crystallisation of value from the existing Australian projects at Molyhil (tungsten/molybdenum) and Kapunda (copper). \nThe two vehicles are focused on gold and uranium exploration opportunities in Western Australia and the Northern Territory of Australia.\nIn addition, the Company announces a Strategic Financing raising an additional £400,000 to provide a substantial addition to existing working capital, before consideration of any proceeds from disposal of any existing business interests or royalty income from the Spring Hill gold project.\n \nHighlights:\n \nStrategic Acquisition\n \n· Thor has advanced its 100% owned Molyhil tungsten and molybdenum project to mine construction ready status and is currently in a commercialisation process to secure project level finance for the mine construction phase;\n· In addition, the Company's Kapunda copper project interest (Thor earning up to 45%) is the subject of a disposal process into Enviro Copper Limited as announced on 5 March 2019; \n· After completion of Molyhil and Kapunda transactions, Thor's exploration interests will be limited to the Bonya tungsten, copper and vanadium project where the Company has a 40% interest;\n· In light of the above, Thor has taken the decision to acquire Pilbara Goldfields Pty Limited (\"PGL\") and Hamersley Metals Pty Limited (\"HML\") which across both companies currently hold interests in two granted licences and seven licence applications at various stages of advancement;\n· The licences and applications (\"Projects\") are prospective for gold and uranium and cover a total of 784 square kilometres in the Pilbara region of Western Australia, and the Northern Territory of Australia;\n· The total consideration to the vendors for the acquisition of PGL and HML is £450,500 payable through the issue of 53 million new Thor ordinary shares of 0.01p each (\"Ordinary Shares\") at an issue price of 0.85p per share (\"Initial Co...