RESULT OF GENERAL MEETING

RNS Number : 8837L

Thor Mining PLC

06 October 2016

 

6 October 2016

THOR MINING PLC

RESULT OF GENERAL MEETING

Thor Mining PLC ("Thor" or the "Company") (AIM, ASX: THR), the Australian tungsten and gold explorer and developer, announces that, at the General Meeting of the Company which was held earlier today, all resolutions were duly passed without amendment.

As a result, the directors have been granted the necessary authorities to complete the Placement, announced on 1 September 2016, of a total of 1,400,000,000 ordinary shares of 0.01 pence each in the capital of the Company ("Ordinary Shares"), with 1,400,000,000 free attaching warrants, and the conversion of A$150,000 of owed to Thor directors into 346,000,000 Ordinary Shares and 346,000,000 Warrants on the same terms as the Placement (the "Debt Conversion Securities").

Settlement and dealings

On 5 September 2016, the Company issued and allotted the first tranche of those securities, pursuant to the Placement, comprising 400,000,000 Ordinary Shares with 400,000,000 Warrants. Application has been made to the AIM Market of the London Stock Exchange ("AIM") for a total of 1,346,000,000 Ordinary Shares, comprising the balance of 1,000,000,000 Ordinary Shares being issued pursuant to the Placement and the 346,000,000 Debt Conversion Securities, all of which rank pari passu with the Company's existing issued Ordinary Shares, to be admitted to trading. Dealings on AIM for 1,000,000,000 Ordinary Shares are expected to commence at 8:00am on 7 October 2016 and for 346,000,000 Ordinary Shares at 8:00am on 11 October 2016 ("Admission").

Total Voting Rights

For the purposes of the Financial Conduct Authority's Disclosure Guidance and Transparency Rules ("DTRs"), following Admission, Thor will have 7,482,387,510 Ordinary Shares in issue with voting rights attached. Thor holds no shares in treasury. This figure of 7,482,387,510 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.

Mick Billing Executive Chairman of Thor Mining commented in a statement read to the meeting, "I am pleased to have secured shareholder support for this further strategic financing which enables the Company to proactively push ahead and continue its work to advance both the Molyhil and Pilot Mountain Tungsten projects, and to continue our due diligence in respect of a number of new opportunities in the precious and strategic metals space.

"The extent of work completed to date on our two key tungsten projects is considerable and we are in a position where a modest amount of additional work could yield a material increase in the inherent value of each project. 

"Molyhil in Australia and Pilot Mountain in Nevada, USA are the Company's two key interests at present and we believe they can reignite investor interest if we push ahead with our work programme. We are also considering the addition of new opportunities that will not overstretch our resources but can materially change the dynamic of the Company. We hope to update shareholders in this latter regard in the near future.

"For now we would like to thank shareholders for their continued support. Thor Mining has been able to survive the crippling downturn in our sector and has emerged leaner, fitter and ready to do business as the resource sector recovers."

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
Gerry Beaney/ David Hignell John Howes	[phone]	Northland Capital Partners Limited	Joint Broker
Nick Emerson / Andy Thacker	[phone]	SI Capital	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.

 

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