INVESTOR UPDATE

Equity Placing to Accelerate Uranium and Copper Exploration

Read the full ASX release
The directors of Thor Energy Plc (“Thor” or the “Company”) (AIM, ASX: THR, OTCQB: THORF) are pleased to announce a capital raise of A$1.3m before expenses to advance the Company’s 100% owned uranium assets located in Colorado and Utah, USA and copper assets in South Australia.

With the addition of these funds the Company is now in a position to plan for the next phases of exploration at its’ USA and South Australian projects. We thank existing and new investors for recognising the significant potential of our uranium and copper portfolio.

The Board looks forward to updating the market in the near future on our exploration and project development plans.

HIGHLIGHTS

The Company has conditionally raised, in aggregate, gross proceeds of A$1.3 million via the placing of 100,000,000 new ordinary shares of 0.01p each (“Ordinary Shares“) (the “Placing Shares“) at a price of 1.3 cents per Ordinary Share (the “Placing Price”), comprising: approximately A$467,890 by means of a firm placing (“Firm Placing“) with certain institutional shareholders of 35,991,508 new ordinary shares (“Firm Placing Shares“) at the Placing Price 

  • approximately A$832,110 by means of a conditional placing (“Conditional Placing” and together with the Firm Placing “Placings“) with certain institutional shareholders of 64,008,492 new ordinary shares (“Conditional Placing Shares” and Firm Placing Shares being “New Ordinary Shares“) at the Placing Price. 
  • All placees to receive, one option for each two Placing Shares, to subscribe for a further new Ordinary Share at 2.6 cents expiring in 3 years. All options for both the Firm Placing and the Conditional Placing will be subject to shareholder approval. 

• Strong support was received from a broad range of new institutional and sophisticated investors, adding strength to the Company’s share register. Prenzler Group acted as lead manager for the Placement.
• The Company’s Non-Executive Chairman Mr Alastair Clayton to invest A$100,000 in the Conditional Placing, subject to shareholder approval.
• The Company’s Managing Director Ms Galloway Warland to invest A$13,000 in the Conditional Placing, subject to shareholder approval.
• The Conditional Placing is conditional on the Company obtaining the requisite approvals from Shareholders at a General Meeting, details of which the Company will circulate in due course.
Read the full ASX release

ABOUT THOR's

URANIUM-VANADIUM PROJECTS

Thor Energy holds a 100% interest in three uranium-vanadium projects in the highly prospective Uravan Mining Belt on the border of Utah and Colorado. The Wedding Bell Project and the Radium Mountain Project are both in Colorado and comprise of 199 mineral claims over areas of historical high grade uranium and vanadium production. The Vanadium King Project in south-east Utah comprises of 100 mineral claims, approximately 40km north of the town of Moab.

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