Result of General Meeting

RNS Number : 2783M

Thor Mining PLC

27 July 2017

 

27 July 2017

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 issue equity securities and dis-apply pre-emption rights up to an aggregate nominal amount of £37,000.

Accordingly, the Directors have been granted the necessary authorities to complete the placing, announced on 20 June 2017, of a total 51,111,111 ordinary shares of 0.01p each ("Ordinary Shares") at a price of 0.9p each (the "Placing and Subscription"), together with one free attaching warrant for every Ordinary Share subscribed for, each valid for a period of 24 months and with an exercise price of 1.8p per warrant. In addition, as required by ASX Listing Rule 10.11, shareholders approved the participation of Mick Billing and Paul Johnson in the Placing and Subscription.

The directors also have the relevant authorities to be able to issue and allot up to a maximum of 52,777,777 Ordinary Shares as consideration for the acquisition of the remaining 75% of US Lithium Pty Limited ("USL") that it does not already own, should the Board exercise the Company's right to do so (refer to the Company's announcement dated 14 June 2017). The Company is currently progressing with its due diligence process into USL.

Pursuant to ASX Listing Rule 10.11, shareholders approved the grant of 3,000,000 warrants over Ordinary Shares to each of the Directors of the Company or their nominees, with an exercise price of 1.8 pence each and an expiry date of 31 March 2020.

The remaining approved resolutions relate to the ratification, for the purposes of ASX Listing Rule 7.4, of a number of securities previously issued by the Company utilising existing authorities conferred by shareholders and available capacity under ASX Listing Rules 7.1 and 7.1A. The approved resolutions act to retrospectively provide shareholder approval and the securities previously issued will, therefore, not be counted as having utilised capacity under ASX Listing Rules 7.1 and 7.1A. This has the effect of 'refreshing' the Company's available capacity under the ASX Listing Rules to issue equity securities. 

Settlement and dealings

Application has been made to the AIM Market of the London Stock Exchange ("AIM") for a total of 51,111,111 Ordinary Shares, pursuant to the 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 28 July 2017 ("Admission").

Total Voting Rights

For the purposes of the Financial Conduct Authority's Disclosure Guidance and Transparency Rules ("DTRs"), following Admission, Thor will have 424,124,319 Ordinary Shares in issue with voting rights attached. Thor holds no shares in treasury. This figure of 424,124,319 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
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.

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

 

END

 

 

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