RESULT OF ANNUAL GENERAL MEETING

RNS Number : 8650X

Thor Mining PLC

29 November 2017

 

29 November 2017

THOR MINING PLC

RESULT OF ANNUAL GENERAL MEETING

The Directors of Thor Mining PLC ("Thor" or the "Company") (AIM, ASX: THR) are pleased to announce that all resolutions proposed at the Annual General Meeting of the Company held on 29 November 2017 in London, were duly passed without amendment.

As a result, the Directors have been granted the necessary authorities to complete the conditional element of the placing announced on 20 October 2017, by issuing a total of 41,151,314 ordinary shares of 0.01p each ("Ordinary Shares") at a price of 0.8p each (the "Conditional Placing and Subscription"), together with one free attaching warrant for every Ordinary Share subscribed for, each valid for a period of 12 months from the date of issue and with an exercise price of 1.2p per warrant ("Warrants").

In addition, as required by ASX Listing Rule 10.11, shareholders approved the participations of Mick Billing, Executive Chairman of Thor, and Paul Johnson, a Non-executive Director, in the Conditional Placing and Subscription. Mick Billing and Paul Johnson have agreed to subscribe for 3,000,000 and 3,125,000 new Ordinary Shares respectively (receiving matching Warrants).

Further, the issues of 29,473,686 Ordinary Shares and 29,473,686 Warrants pursuant to the firm element of the placing announced on 20 October 2017, which were issued within the Company's placement capacity under ASX Listing Rules 7.1 and 7.1A, have now been retrospectively ratified. This has the effect of refreshing the Company's placement capacity under ASX Listing Rules 7.1 and 7.1A.

Shareholders have also approved the issue and allotment by the Company of 3,531,250 Warrants to the Company's joint sponsoring broker SI Capital Ltd and the adoption of an Employee Share Option Plan which allows eligible persons (employees and directors of Thor) to be offered the opportunity to receive options in order to assist in the attraction, retention and motivation of employees.

Mick Billing, Executive Chairman of Thor, commented: "I would like to thank shareholders for their engagement and support during the past year. Without the commitment of shareholders, Thor would not have reached this advanced stage in its development.

"Financial stability is an absolute must for any AIM/ASX company to fully advance its interests and within the last two months Thor has seen over £1.6million of new cash generated from the placing, warrant conversions and option exercises by a director. The directors anticipate that this considerable funding will see the Company fully funded, based on current planned activities, into 2019. We are thus in a position of considerable financial strength and currently not reliant on the market for equity dilutive financings.

"Our three core interests at Pilot Mountain (Nevada, US), Molyhil (North Australia) and Kapunda (South Australia) are advanced assets and each is benefiting from work currently underway, from which we expect near term news to flow to the market.

"Thor has material interests in copper, tungsten, and silver and all interests are now focused on commercialisation to deliver real demonstrable value for shareholders.

"We remain ambitious and note the immense opportunities available within Australia particularly in high impact resource exploration. Following the early conversion of options by director Paul Johnson, we have created a dedicated fund of £125,000 to cover costs of due diligence and assessment of new opportunities and we are evaluating potential project opportunities in Australia at the moment, including in the Pilbara region. This dedicated fund allows us to be able to act on new opportunities, but ensure that the bulk of our financial resources are focused on the commercialisation of our current key interests."

"Thank you to shareholders once again and I look forward to delivering further news in respect of our key business interests and potential new opportunities in the near term."

Completion of the Conditional Placing and Subscription

Application has been made to the AIM market of the London Stock Exchange ("AIM") for a total of 41,151,314 Ordinary Shares, pursuant to the Conditional Placing and Subscription, which rank pari passu with the Company's existing issued Ordinary Shares, to be admitted to trading. Dealings on AIM are expected to commence at 8:00am on or around 30 November 2017 ("Admission").

For the purposes of the Financial Conduct Authority's Disclosure Guidance and Transparency Rules ("DTRs"), following Admission, Thor will have 575,115,870 Ordinary Shares in issue with voting rights attached. Thor holds no shares in treasury. This figure of 575,115,870 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.

After the admission of the 8,472,381 Ordinary Shares issued pursuant to the exercise of Warrants, announced on 28 November 2017, which is expected to take place at 8am on or around 6 December 2017 (the "Warrant Exercise Admission"), and assuming that Thor issues no further Ordinary Shares in the meantime, Thor will have 583,588,251 Ordinary Shares in issue. This figure of 583,588,251 may be used by shareholders in the Company following the Warrant Exercise Admission 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
Colin Aaronson/ Daniel Bush/ Richard Tonthat	[phone]	Grant Thornton UK LLP	Nominated Adviser
Elliot Hance	[phone]	Beaufort Securities Limited	Joint Broker
Nick Emerson	[phone]	SI Capital Ltd	Joint Broker
Tim Blythe/ Camilla Horsfall	[phone]	Blytheweigh	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, and on the Company's twitter page @ThorMining.

 

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