Issue of Equity

RNS Number : 7040Z

Thor Mining PLC

25 May 2021

 

25 May 2021

THOR MINING PLC

EXERCISE OF OPTIONS / PDMR DEALING
 

ISSUE OF EQUITY
 

The directors of Thor Mining Plc ("Thor" or the "Company") (AIM, ASX: THR, OTCQB: THORF) announce the following issue of shares and warrants:

Director exercise of oprtions:

· The Company has received a binding option exercise notice for the exercise of options with an exercise price of A$0.01 per Ordinary Share resulting in the issue of 1,000,000 Ordinary Shares to be issued as ASX CHESS Depositary Interests ("CDIs") to MBB Trading Pty Ltd, a company closely associated with the Company's Executive Chairman Mr Billing, with proceeds of A$10,000 received by the Company.

The required PDMR announcement in relation to the change in Mr Billing's holding will be provided in due course.

Shares and warrants issued to Service Providers:

· 555,556 Ordinary Shares are to be issued as ASX CDIs to a consultant to the Company, for nil consideration for services provided to the Company to the value of A$10,000. Price per share determined by the closing price for the ASX on 24 May 2021 of A$0.018.

· 1,460,110 Ordinary Shares are to be issued to WH Ireland Limited to the value of £12,500 in part payment of fees, issued at 0.8561 pence per share per the contract; and

· 2,433,526 unlisted warrants (expiry 4 March 2024, exercise price £0.010273) are to be issued to WH Ireland Limited (the exercise price being 20% above the above share issue price of 0.8561 pence, noted above) for services provided ("Service Provider Warrants").

Settlement and dealings

Application will be made to the AIM Market of the London Stock Exchange ("AIM") for 3,015,666 Thor ordinary shares of 0.01p each ("Ordinary Shares"), pursuant to the issue of shares, which rank pari passu with the Company's existing issued Ordinary Shares, to be admitted to trading on AIM. Dealings on AIM are expected to commence at 8:00am on or around 28 May 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 1,625,719,488 Ordinary Shares in issue with voting rights attached. Thor holds no shares in treasury. This figure of 1,625,719,488 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.

- Ends  -

For further information on the Company, please visit  www.thormining.com  or contact the following: 

Thor Mining PLC
Mick Billing, Executive Chairman Nicole Galloway Warland, Managing Director Ray Ridge, CFO / Company Secretary	Tel: [phone] Tel: [phone] Tel: [phone]
WH Ireland Limited (Nominated Adviser and Joint Broker)	Tel: [phone]
Jessica Cave / Darshan Patel Jasper Berry (Corporate Broking)
SI Capital Limited (Joint Broker)	Tel: [phone]
Nick Emerson
Yellow Jersey (Financial PR)	[e-mail]
Sarah Hollins / Henry Wilkinson	Tel: [phone]

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; OTCQB: THORF) is a diversified resource company quoted on the AIM Market of the London Stock Exchange, ASX in Australia and OTCQB Market in the United States.

The Company is advancing its diversified portfolio of precious, base, energy and strategic metal projects across USA and Australia. Its focus is on progressing its copper, gold, uranium and vanadium projects, while seeking investment/JV opportunities to develop its tungsten assets.

Thor owns 100% of the Ragged Range Project, comprising 92 km² of exploration licences with highly encouraging early stage gold and nickel results in the Pilbara region of Western Australia, for which drilling is planned in the first half of 2021.

At Alford East in South Australia, Thor is earning an 80% interest in copper deposits considered amenable to extraction via Insitu Recovery techniques (ISR). In January 2021, Thor announced an Inferred Mineral Resource Estimate of 177,000 tonnes contained copper & 71,000 oz gold¹. 

Thor also holds a 30% interest in 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 and the Alford West copper project, both situated in South Australia and both considered amenable to recovery by way of ISR.²

Thor holds 100% interest in two private companies with mineral claims in the US states of Colorado and Utah with historical high-grade uranium and vanadium drilling and production results.

Thor holds 100% of the advanced Molyhil tungsten project, including indicated and inferred resources⁴, in the Northern Territory of Australia, which was awarded Major Project Status by the Northern Territory government in July 2020.

Adjacent to Molyhil, at Bonya, Thor holds a 40% interest in deposits of tungsten, copper, and vanadium, including Inferred resource estimates for the Bonya copper deposit, and the White Violet and Samarkand tungsten deposits.⁵

Thor holds 100% of the Pilot Mountain tungsten project in Nevada, USA which has a JORC 2012 Indicated and Inferred Resources Estimate on 2 of the 4 known deposits.⁶

Notes

¹   www.thormining.com/sites/thormining/media/pdf/asx-announcements/20210127-maiden-copper.gold-estimate-alford-east-sa.pdf  

² www.thormining.com/sites/thormining/media/pdf/asx-announcements/20172018/20180222-clarification-kapunda-copper-resource-estimate.pdf    

³ www.thormining.com/sites/thormining/media/aim-report/20190815-initial-copper-resource-estimate---moonta-project---rns---london-stock-exchange.pdf

 ⁴ www.thormining.com/sites/thormining/media/pdf/asx-announcements/20191011-molyhil-mineral-resource-estimate-enhanced.pdf  

⁵ www.thormining.com/sites/thormining/media/pdf/asx-announcements/20200129-mineral-resource-estimates---bonya-tungsten--copper.pdf  

⁶   www.thormining.com/sites/thormining/media/pdf/asx-announcements/20162017/20170522-tungsten-resource-increase.pdf  

www.thormining.com/sites/thormining/media/pdf/asx-announcements/20182019/20181214-pilot-mountain-resource-update.pdf  

 

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