Issue of Equity

RNS Number : 4998M

Thor Mining PLC

25 May 2010

 

THOR MINING PLC

Issue of Equity

Dated: 25 May 2010

The Directors of Thor Mining PLC ("Thor" or the "Company") (AIM, ASX: THR) the specialist metals company focused on gold and base metals projects and advancing tungsten-molybdenum projects in the Northern Territory of Australia advises shareholders that the Company proposes to raise AUD$150,000 (approximately £90,000 at current exchange rates) by way of a placing of 10,000,000 new ordinary shares of 0.3p each in the capital of the Company (the "Placing Shares") with 5,000,000 free attaching Warrants through the issue of 10,000,000 voting CDI's in the Company at AUD0.015 per CDI (the "CDI's") with 5,000,000 free attaching Warrants to Western Desert Resources Limited in Australia(the "Placing"). Each Warrant enable the Warrantholder to subscribe for a Share in Thor at AUD0.05 per Share, expiring on 31 March 2012. Completion of the Placing and the receipt of funds are anticipated to take place on 26 May 2010. The company intends to make an application to AIM and ASX Securities Limited (the "ASX") for the listing of the Placing Shares and CDI's respectively.

This Placing utilises part of the available 15% capacity of the Company's issued capital prior to the Placing, pursuant to ASX Listing Rule 7.1. The Placing Shares issued will rank equally with existing Thor ordinary shares trading on AIM and with existing CDI's quoted on the ASX.

Cash raised from the issue will be used by the Company to supplement working capital along with exploration expenses for the Dundas gold project.

Following the issue of the Placing Shares the Company's total issued share capital will be 243,223,763 ordinary shares of 0.3p each. Application will be made to the London Stock Exchange for the Placing Shares, which will rank pari passu with the Company's existing issued ordinary shares, to be admitted to trading on AIM. Dealings are expected to commence at 8.00 a.m. (BST) on Wednesday 2 June 2010.

Enquiries:

Mick Billing		+ 61 (0)414 741 007		Thor Mining PLC	Executive Chairman
Laurie Ackroyd	[phone]		Thor Mining PLC		CFO/Company Secretary
John Simpson		+ 44 (0)20 7776 6550		Daniel Stewart & Co. plc	Nominated Adviser

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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