Business
Strategic Financing
Strategic Financing.
About this update from Thor Energy Plc
[{"type":"text","content":"\n \nRNS Number : 6566C Thor Mining PLC 23 January 2018 \n\n23 January 2018\n \nTHOR MINING PLC\nSTRATEGIC FINANCING AND AGREEMENT\n \nThe Directors of Thor Mining PLC (\"Thor\" or the \"Company\") (AIM, ASX: THR) are pleased to announce that a strategic financing and agreement has been secured with Metal Tiger plc (LON:MTR \"Metal Tiger\").\nHighlights:\n· Metal Tiger to invest a further £300,000 in Thor Mining plc through a subscription for 10,000,000 shares at 3 pence per new ordinary share and a 20% premium to the closing share price of Thor on AIM (2.5 pence on 22 January 2018);\n· Money raised will be applied to the advancement of key Thor projects including Molyhil, Pilot Mountain and Kapunda Copper;\n· For each subscription share Metal Tiger will also receive one warrant to subscribe for a further new ordinary share in Thor at 5 pence per share with a two year maximum exercise life;\n· Should the share price of Thor exceed a 14 (fourteen) pence volume weighted average price for five consecutive business days, Thor may, at its sole volition, seek accelerated conversion of the warrants secured by Metal Tiger;\n· Metal Tiger, reflective of the premium price paid for Thor stock, will receive a 90 day first right of refusal to participate in any new joint venture, acquisition or similar transaction undertaken by Thor Mining during the period;\n· The first right of refusal shall not automatically include any current discussions or negotiations with third parties in relation to existing Thor projects held or projects already under review, however Thor may extend an invitation to Metal Tiger to participate should this be considered appropriate to all parties.\n \nMr Mick Billing, Thor Mining Executive Chairman, commented:\n\"On 15 November 2017 Thor confirmed that the company had raised over £1.3million from the placing conducted in October 2017 and the subsequent warrant conversions undertaken, and that based on then operational plans the Company had sufficient funds to extend the cash runway of the business until 2019.\"\n\"Since 15 November 2017 Thor has secured an additional £594,537 from warrant conversions and now £300,000 from this financing, which together cons...