Issue of Shares for Bonya Acquisition

RNS Number : 9830C

Thor Mining PLC

04 October 2018

 

4 October 2018

THOR MINING PLC

ISSUE OF SHARES FOR BONYA ACQUISITION

The Board of Thor Mining Plc ("Thor" or the "Company") (AIM, ASX: THR), is pleased to advise that the Company will issue 14,527,205 ordinary shares of 0.01p each ("Ordinary Shares"), in satisfaction of the $550,000 purchase price for the interests in two tenements acquired from Rox Resources Limited.

On 24 September 2018, Thor announced ministerial approval had been received for Thor's acquisition of interests in the tungsten, copper, and vanadium hosted Bonya tenements adjacent to the Molyhil mine project in the Northern Territory of Australia.

The price of AUD$0.03786 per Ordinary Share was calculated according to the contract terms as a simple average of the VWAP for the five trading days immediately preceding the execution of the term sheet and the VWAP for the five days immediately prior to completion of the all of the conditions precedent.  The final condition precedent was satisfied by the ministerial approval of the transfer of the interests in the tenements.

The 14,527,205 Ordinary Shares will remain in a voluntary escrow until 27 December 2018.

Settlement and dealings

Application has been made to the AIM Market of the London Stock Exchange ("AIM") for 14,527,205 Ordinary Shares, which rank pari passu with the Company's existing issued Ordinary Shares, to be admitted to trading. Dealings on AIM are expected to commence at 8:00am on or around 5 October 2018 ("Admission").

Total Voting Rights

For the purposes of the Financial Conduct Authority's Disclosure Guidance and Transparency Rules ("DTRs"), following Admission, Thor will have 667,885,727 Ordinary Shares in issue with voting rights attached. Thor holds no shares in treasury. This figure of 667,885,727 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 Company, under the ASX Listing Rules or the DTRs.

Enquiries:

Mick Billing	[phone]	Thor Mining PLC	Executive Chairman
Ray Ridge	[phone]	Thor Mining PLC	CFO/Company Secretary
Colin Aaronson/ Richard Tonthat/ Ben Roberts	[phone]	Grant Thornton UK LLP	Nominated Adviser
Nick Emerson	[phone]	SI Capital Ltd	Joint Broker
David Hignell / Rob Rees / Isabella Pierre	[phone]	Northland Capital Partners Limited	Joint Broker
Tim Blythe/ Camilla Horsfall	[phone]	Blytheweigh	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, and on the Company's twitter page @ThorMining.

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

About Thor Mining PLC

Thor Mining PLC is a resources company quoted on the AIM Market of the London Stock Exchange and on ASX in Australia.

Thor holds 100% of the advanced Molyhil tungsten project in the Northern Territory of Australia, for which an updated feasibility study in 2015¹ suggested attractive returns. Thor also holds 100% of the Pilot Mountain tungsten project in Nevada USA which has a JORC 2012 Indicated Resources Estimate² on 2 of the 4 known deposits.

Thor is also acquiring up to a 60% interest Australian copper development company Environmental Copper Recovery SA Pty Ltd, which in turn holds rights to earn up to a 75% interest in the mineral rights and claims over the portion of the historic Kapunda copper mine in South Australia recoverable by way of in situ recovery.

Thor also holds a production royalty entitlement from the Spring Hill Gold project³ of:

·   A$6 per ounce of gold produced from the Spring Hill tenements where the gold produced is sold for up to A$1,500 per ounce; and

·   A$14 per ounce of gold produced from the Spring Hill tenements where the gold produced is sold for amounts over A$1,500 per ounce.

Notes

¹ Refer ASX and AIM announcement of 12 January 2015

² Refer AIM announcement of 22 May 2017 and ASX announcement of 23 May 2017

³ Refer AIM announcement of 26 February 2016 and ASX announcement of 29 February 2016

 

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