Exercise of Warrants

RNS Number : 4486Z

Thor Mining PLC

18 September 2020

 

18 September 2020

THOR MINING PLC

EXERCISE OF WARRANTS

The Board of Thor Mining Plc ("Thor" or the "Company") (AIM, ASX: THR), advises that it has received a binding warrant exercise notice for the exercise of 9,450,000 warrants over ordinary shares of 0.01 pence each in the capital of the Company ("Ordinary Shares"), each with an exercise price of 0.2 pence per warrant.   The gross proceeds of the exercise of these warrants amounts in aggregate to £18,900.

Application has been made for 9,450,000 new Ordinary Shares, which rank pari passu with the Company's existing issued ordinary share capital, to be admitted to trading on the AIM Market of the London Stock Exchange ("AIM"). Dealings on AIM are expected to commence at 8.00 a.m. on 23 September 2020 ("Admission").

Total Voting Rights

For the purposes of the Financial Conduct Authority's Disclosure Guidance and Transparency Rules ("DTRs"), following Admission, Thor will have 1,315,621,467 Ordinary Shares in issue with voting rights attached. Thor holds no shares in treasury. This figure of 1,315,621,467 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.

As previously announced on 14 September 2020, Thor expects to issue a further 123,750,000 new Ordinary Shares, pursuant to a placement, with dealings on AIM expected to commence 8 a.m. on 28 September 2020.  Following the admission of 123,750,000 Ordinary Shares on 28 September 2020, Thor will then have 1,439,371,467 Ordinary Shares in issue with voting rights attached. From the 28 September 2020, this figure of 1,439,371,467 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 Samantha Harrison/ Niall McDonald [phone] Grant Thornton UK LLP  Nominated Adviser Nick Emerson [phone] SI Capital Ltd Joint 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, and on the Company's twitter page  @ThorMining.

About Thor Mining PLC

Thor Mining PLC (AIM, ASX: THR) 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 August 2018¹ suggested attractive returns.

Adjacent Molyhil, at Bonya, Thor holds a 40% interest in deposits of tungsten, copper, and vanadium, including an Inferred resource for the Bonya copper deposit².

Thor is also acquiring up to a 30% interest Australian copper development company EnviroCopper Limited, which in turn holds rights to earn up to a 75% interest in the mineral rights and claims over the resource on the portion of the historic Kapunda copper mine in South Australia recoverable by way of in situ recovery⁴, and also holds rights to earn a 75% interest in portion of the Moonta Copper project also in South Australia, and is considered amenable to recovery by way of in situ recovery⁵.

Thor also holds 100% of the Pilot Mountain tungsten project in Nevada USA which has a JORC 2012 Indicated and Inferred Resources Estimate³ on 2 of the 4 known deposits. The US Department of the Interior has confirmed that tungsten, the primary resource mineral at Pilot Mountain, has been included in the final list of Critical Minerals ⁶2018.

The Company also has exciting gold interests at Ragged Range in the Pilbara region of Western Australia.

Notes

¹ Refer ASX and AIM announcement of 23 August 2018

² Refer ASX and AIM announcement of 26 November 2018

³ Refer AIM announcement of 13 December 2018 and ASX announcement of 14 December 2018

⁴ Refer AIM announcement of 10 February 2018 and ASX announcement of 12 February 2018

⁵ Refer ASX and AIM announcement of 15 August 2019

 

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