A$1 Million Funding Facility - Tranche 1 Drawdown

RNS Number : 2148A

Thor Mining PLC

18 March 2013

 



18 March 2013

THOR MINING PLC

A$1 MILLION FUNDING FACILITY - TRANCHE 1 DRAWDOWN

The Directors of Thor Mining PLC ("Thor") (AIM, ASX: THR) are pleased to announce the drawdown of the initial 50% of the 3 year term A$1 million secured debt facility previously announced on 15^th February 2013 ("the Facility").

Formal documentation has been executed, all conditions precedent to drawdown of tranche 1 of the facility have been satisfied, and a drawdown notice has been issued.  Receipt of transferred funds is expected within 2 working days of this announcement.

The key terms of the Facility are unchanged from those announced on 15^th February 2013 save that the options to be granted to the lender following drawdown of the first tranche of the facility (referred to in the 15^th February announcement as the "Commitment Options" and "Tranche 1 Options") will be subject to Thor security holder approval to the extent Thor cannot grant those options within its placement capacity pursuant to ASX Listing Rule 7.1.  Thor will proceed to grant the number of options it can without security holder approval with the balance to be granted following the obtaining of the requisite security holder approval.

Enquiries:

Mick Billing	[phone]	Thor Mining PLC	Executive Chairman
Allan Burchard	[phone]	Thor Mining PLC	CFO/Company Secretary
Gerry Beaney/ David Hignell	[phone]	Grant Thornton Corporate Finance	Nominated Adviser
Nick Emerson/ Renato Rufus	[phone]	Simple Investments	Broker
Alex Walters	[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.

 

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