The directors of Thor Mining Plc (“Thor” or the “Company”) (AIM, ASX: THR, OTCQB: THORF) are pleased to announce a successful capital raise of A$2.65m to fund exploration activities at the Company’s project interests, with particular emphasis on the uranium exploration licences in Colorado and Utah in the United States.
Following this placement, including existing cash and listed investments, the Company’s total liquidity position is now circa A$4.0m (before costs of the capital raise).
The Company will also seek shareholder approval to change the Company’s name to “Thor Energy Plc” at a General Meeting of shareholders expected to be held on 4 January 2023. The proposed name change is intended to reflect the Company’s greater focus on its uranium assets within its portfolio.
- The Company has raised gross proceeds of A$2.65m via a placing of 378,571,429 new ordinary shares and Australian Securities Exchange-listed (“ASX”) CDI’s (“Ordinary Shares”) (the “Placing Shares”) at a price of A$0.007 (0.7 cents) per Ordinary Share (the “Placing”). Applications to participate in the placement were scaled back following strong demand.
- Subject to shareholder approval, all placees will also receive three options for each four Placing Shares subscribed, being a total of 283,928,583 options (the “Placement Options”. All Placement Options are exercisable at $0.009 (0.9 cents) and expire 2 years from issue date.
- Thor intends to apply for the quotation of the options, subject to meeting the ASX’s minimum listing requirements.
- The allotment of the Placing Shares will not be subject to shareholder approval, falling within the Company’s existing shareholder authorities and placement capacity under ASX Listing Rules 7.1 and 7.1A.
- Strong support was received from existing and new shareholders, strengthening the Company’s share register. DealAccess Pty Ltd acted as lead manager for the Placement with support from WH Ireland Limited in the UK.
- Funds raised to be utilised for exploration activities at the Company’s uranium projects in the United States, as well as to progress drilling at the Kelly’s and Krona gold, nickel and lithium prospects in the Pilbara region of Western Australia, as well as for general working capital purposes.
USA URANIUM - VANADIUM PROJECTS
High-Resolution Airborne Magnetic & Radiometric Surveys Commence
Detailed airborne magnetic and radiometric surveys have commenced over the Company’s 100% owned uranium and vanadium projects – Wedding Bell, Radium Mountain and Vanadium King, situated within the Uravan Mineral Belt in Colorado and Utah, USA
Investor Presentation – RIU Sydney 2023
Thor Energy Plc is pleased to provide investors a chance to view the presentation titled “New Green Economy: Exploring for Uranium
and Energy Metals”, delivered by Nicole Galloway Warland, Managing Director, at Resources Round Up in Sydney 2023.
Technical Presentation – Geohug (May 2023)
Watch MD Nicole Galloway Warland presentation about the fascinating world of uranium/vanadium exploration and Thor Energy’s Projects in the Uravan Mineral Belt in the USA, where uranium-vanadium mining has produced over 85 million lbs of U3O8 and 660 million lbs of V2O5 over the past century.