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Thor Mining announces placing

By BFN News | 12:48 PM | Thursday 03 July, 2014


Thor Mining PLC ("Thor") (AIM, ASX: THR), the Australian tungsten explorer and developer, has announced a placement of shares to raise£550,000 (approximately A$1m) at 0.1p per share (AUD0.181cents) · General Meeting of shareholder to be convened to: �€¢ Approve the issue of shares for the acquisition of the Pilot Mountain Tungsten Project from Black Fire Minerals Limited (as announced on 10 June 2014) (Acquisition); �€¢ the Placement �€¢ Subject to the Acquisition, approval of the conversion into shares of loan notes held by Thor directors into Thor shares. Mick Billing, Chairman of Thor, commented "I am very pleased with the support shown by both new and existing shareholders in the Placement. The proceeds of the Placement will provide funds to finalise the upgraded Definitive Feasibility Study (DFS) for the Molyhil Tungsten Project, expected during the September quarter, commencing with an upgrade to the Statement of Open Cut Ore Reserves expected to be published later this month. Pursuant to the Company's strategy to become a developer of Tungsten Projects, the recent agreement to acquire the Pilot Mountain Tungsten Project is an important milestone for Thor and shareholders will have the opportunity to consider this acquisition at the General Meeting." At 12:48pm: (LON:THR) Thor Mining PLC share price was -0.04p at 0.12p Story provided by StockMarketWire.com

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