Issue of Equity

RNS Number : 3485H

Thor Mining PLC

26 May 2011

 

THOR MINING PLC

Issue of Equity

Dated: 26 May 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 £400,000 (approximately A$612,000) by way of a placing of a total of 22,857,143 new Ordinary Shares of 0.3p each in the capital of the Company (the "Placing") to UK sophisticated clients of Simple Investments, the Company's stockbroker, at 1.75p per Placing Share.

The Placing is conditional on the 22,857,143 new Ordinary Shares of 0.3p each in the capital of the Company (the "Placing Shares") being admitted to trading on AIM.

An 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 and dealings are expected to commence at 8:00 a.m. (BST) on Monday 6 June 2011.

Following the issue of the Placing Shares the Company's total issued share capital will be 530,417,717 Ordinary Shares of 0.3p each. In accordance with the Financial Services Authority Disclosure and Transparency Rules, the Company has 530,417,717 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 530,417,717 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.

Commenting today, Mick Billing, Executive Chairman of Thor Mining said:

"We are delighted to have raised these additional funds which will help to fund the aggressive exploration and evaluation programmes we have in progress at the Dundas (WA) and Spring Hill (NT) gold projects, and also to further fund the Molyhil Tungsten/Molybdenum Project (NT), where we intend to test for depth extensions and to re-examine the 2007 feasibility study. With improving commodity prices we are confident that we will find that there is 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
Alex Walters/ Emma Wigan	[phone] [phone]	Cadogan PR	Financial PR

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

 

 

IOEAFMMTMBITBFB