Distribution by WDR of Thor Securities

RNS Number : 2818F

Thor Mining PLC

20 April 2011

 

THOR MINING PLC

Proposed distribution by Western Desert Resources Limited of 40 million Thor Securities to its shareholders

Dated: 20 April 2011

The Directors of Thor Mining PLC ("Thor" or the "Company") (AIM, ASX: THR, THRO), the exploration company focussed on gold and base metal projects and advancing tungsten-molybdenum projects in the Northern Territory of Australia advise that the following announcement was made by Western Desert Resources Limited ("WDR") to the Australian Securities Exchange ("ASX") today, accompanying and as part of an announcement for a capital raising.

"PROPOSED IN SPECIE DISTRIBUTION

The Directors of WDR are also pleased to announce a proposed capital in-specie distribution to WDR shareholders of up to 40 million shares in the capital of Thor Mining PLC ("Thor") held by WDR (in the form of CDI's)

It is proposed that shareholders of WDR will receive one Thor fully paid ordinary share (in the form of a CDI) for every 4.4 fully paid shares in WDR.  This ratio assumes the Rights Issue is fully subscribed and no options to subscribe for WDR shares are exercised prior the distribution, and is subject to adjustment for any changes to the issued share capital.

The in-specie distribution will be subject to obtaining shareholder approval at the meeting that is to be convened for early June 2011 to approve the share placement to Permat Holdings Pty Ltd, announced to ASX on 8 April 2011.  Full details of the proposed in-specie distribution will be provided in the notice of that meeting sent to WDR shareholders."

If the in specie distribution to WDR shareholders is approved by the WDR shareholders certain of the directors of Thor will participate in the in-specie distribution and their participation will be advised to the market following WDR shareholder approval.

Commenting on this proposal, the Chairman of Thor, Mr Mick Billing, said today "WDR currently holds 47,217,974 Thor CDI's. Subject to obtaining shareholder approval and satisfaction of other conditions precedent, WDR will receive a further 40 million CDIs as part consideration for the acquisition by Thor of an initial 25% interest in the Spring Hill Gold Project. This proposed distribution will enable WDR to maintain their original holding in Thor.  We welcome the WDR shareholders to our register".

Enquiries:

Mick Billing	[phone]	Thor Mining PLC	Executive Chairman
Allan Burchard	[phone]	Thor Mining PLC	CFO/Company Secretary
John Simpson	[phone]	Daniel Stewart & Co. Plc	Nominated Adviser
Nick Emerson/ Renato Rufus	[phone]	Simple Investments	Broker

Updates on the Company's activities are regularly posted on Thor's website www.thormining.com, which includes a facility to register to receive these updates by email.

 

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