Issue of Equity

RNS Number : 6313T

Thor Mining PLC

10 June 2009

 



THOR MINING PLC

Issue of Equity

Thor Mining PLC ('the Company' or 'Thor'), AIM, ASX: THR the specialist metals company focused on advancing tungsten-molybdenum and uranium projects in the Northern Territory of Australia proposes to raise £450,000 by way of a placing (the 'Placing') of 45,000,000 new ordinary shares of 0.3p each in the capital of the Company (the 'Placing Shares'). The Placing is conditional on the approval of shareholders to authorise the allotment of the Placing Shares for cash on a non-pre-emptive basis and the Placing Shares being admitted to trading on AIM. Accordingly a general meeting will be held at 11:00 am on Wednesday 8 July 2009.

The Placing Shares will be issued at 1p per share and the funds raised are to be used for completion of the Molybdenum Project ('Molyhil') drill extension, further drilling at Hatches Creek, assessment of the base metal potential of the Harts range and to supplement the Company's working capital.

City Equities Limited has agreed to subscribe for 20,000,000 Placing Shares at 1p per Share. Following the subscription, City Equities Limited will hold 20,000,000 ordinary shares, which is approximately 9.24% of the issued share capital of the Company as enlarged by the placing.

Wills & Co Stockbrokers Limited have agreed to subscribe for 15,000,000 Placing Shares at 1p per share. Following the subscription, Wills & Co Stockbrokers Limited will hold 15,000,000 ordinary shares, which is approximately 6.93% of the issued share capital of the Company as enlarged by the placing.

Following the issue of the Placing Shares the Company's total issued share capital will be 216,470,949 ordinary shares of 0.3p each. 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 on AIM. Dealings are expected to commence at 8:00 a.m. on Tuesday 14 July 2009.

Enquiries:

Mick Billing	+ 61 (0) 414 741 007	Thor Mining PLC	Executive Chairman
Damian Delaney	[phone]	Thor Mining PLC	Company Secretary
John Simpson	[phone]	Daniel Stewart & Company plc	Nominated Adviser

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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