Issue of Equity

RNS Number : 7130C

Thor Mining PLC

10 March 2011

 

THOR MINING PLC

Issue of Equity

Dated: 10 March 2011

The Directors of Thor Mining PLC ("Thor" or the "Company") (AIM, ASX: THR) the gold, tungsten and molybdenum explorer and developer, today successfully raised a total of approximately £337,500 by way of a placing of a total of 15,000,000 new ) Ordinary Shares of 0.3p each in the capital of the Company (the "Placing") to UK sophisticated clients of Simple Investments at 2.25p per Placing Share.

The Placing is conditional on the 15,000,000 new Ordinary Shares of 0.3p each in the capital of the Company (the "Placing Shares") being admitted to trading on AIM.

An application has been 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 and dealings are expected to commence at 8:00 a.m. (BST) on Wednesday 16 March 2011.

Following the issue of the Placing Shares the Company's total issued share capital will be 505,532,463 Ordinary Shares of 0.3p each. In accordance with the Financial Services Authority Disclosure and Transparency Rules, the Company has 505,532,463 Ordinary Shares of 0.3p each in issue, each share carrying the right to one vote. The Company does not hold any Ordinary Shares in Treasury.

The above figure of 505,532,463 Ordinary Shares may be used by Shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Service Authority's Disclosure and Transparency Rules.

Funds raised from the issue will be used for exploration expenses for the Dundas (WA) and Spring Hill (NT) gold projects. They will also be assigned to the Molyhil Tungsten/Molybdenum Project (NT), to both test for depth extensions and to re-examine the Molyhil project 2007 feasibility study, as 2011 commodity price improvements and trends suggest the potential for near-term development.

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.

 

END

 

 

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