Result of General Meeting

RNS Number : 6368Q

Thor Mining PLC

07 June 2018

 

7 June 2018

THOR MINING PLC

RESULT OF GENERAL MEETING

The Board of Thor Mining Plc ("Thor" or the "Company") (AIM, ASX: THR), are pleased to announce that at the General Meeting of the Company which was held earlier today, all resolutions were duly passed without amendment. A copy of the Notice of General Meeting, originally announced on 18 May 2018, is available on the Company's website, www.thormining.com.

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 £30,000.

Accordingly, the Directors have been granted the necessary authorities to be able to issue and allot Ordinary Shares as consideration for the acquisition of an interest in tenements hosting outcropping tungsten deposits in the Bonya Creek area, along with a high grade copper deposit, approximately 30 kilometres from Molyhil in Australia's Northern Territory, from Rox Resources Limited (ASX: RXL). The term sheet remains subject to the normal Northern Territory stamping and ministerial approval processes.  Following the stamping and approvals, the consideration of A$550,000 will be satisfied through the issue and allotment of Thor's Ordinary Shares to Rox Resources Limited or nominee. Further details on the acquisition, can be found in the AIM announcements made by the Company on 28 March 2018 and 19 April 2018 (to the ASX on 29 March 2018 and 19 April 2018).

Pursuant to ASX Listing Rule 10.11, shareholders also approved the following three resolutions relating to the grant of the options to Directors.

On 2 November 2017, a Director of the Company, Mr Paul Johnson, exercised 10,000,000 options at an exercise price of 1.25p per option, raising an additional £125,000 for the Company.  The options had originally been issued to Mr Johnson, following shareholder approval on 6 October 2016, in lieu of Directors' fees payable for one year through to 1 September 2017.  The options had an expiry date of 2 September 2019.  Given the early exercise, being just under two years before option expiry, the Company agreed to award Mr Johnson 10,000,000 options with an exercise price of 1.5 pence and an expiry date of 2 November 2020, subject to shareholder approval.

Recognising the success of advancement of the Company's projects, and critical importance of commercialisation of these projects, Thor announced the appointment on 27 December 2017 of the Company's Exploration Manager, Mr Richard Bradey to the Board as an Executive Director.  Upon the appointment, the Company announced the intent to grant Mr Bradey 5,000,000 Options with an exercise price of 4.5 pence and an expiry date of 29 December 2020, subject to shareholder approval.

The grant of a total of 15,000,000 options over Ordinary Shares to the Directors of the Company or their nominees, with an exercise price of 3.5625 pence and an expiry date of 7 June 2021.

Following the granting of shareholder approval, the Company will proceed to issue Mr Johnson, Mr Bradey and the Directors the options described above and further announcements will follow as appropriate.

Enquiries:

Mick Billing	[phone]	Thor Mining PLC	Executive Chairman
Ray Ridge	[phone]	Thor Mining PLC	CFO/Company Secretary
Colin Aaronson/ Richard Tonthat	[phone]	Grant Thornton UK LLP	Nominated Adviser
Nick Emerson	[phone]	SI Capital Ltd	Broker
Tim Blythe/ Camilla Horsfall	[phone]	Blytheweigh	Financial PR

About Thor Mining PLC

Thor Mining PLC (AIM, ASX: THR) is a resources company quoted on the AIM Market of the London Stock Exchange and on ASX in Australia.

Thor holds 100% of the advanced Molyhil tungsten project in the Northern Territory of Australia, for which an updated feasibility study in 2015¹ suggested attractive returns.

Thor also holds 100% of the Pilot Mountain tungsten project in Nevada USA which has a JORC 2012 Indicated and Inferred Resources Estimate² on 2 of the 4 known deposits.

Thor is also acquiring up to a 60% interest Australian copper development company Environmental Copper Recovery SA Pty Ltd, which in turn holds rights to earn up to a 75% interest in the mineral rights and claims over the portion of the historic Kapunda copper mine in South Australia recoverable by way of in situ recovery.

Thor has a material interest in US Lithium Pty Limited, an Australian private company with a 100% interest in a Lithium project in Nevada, USA. 

Finally, Thor also holds a production royalty entitlement from the Spring Hill Gold project³ of:

·   A$6 per ounce of gold produced from the Spring Hill tenements where the gold produced is sold for up to A$1,500 per ounce; and

·   A$14 per ounce of gold produced from the Spring Hill tenements where the gold produced is sold for amounts over A$1,500 per ounce.

Notes

¹ Refer ASX and AIM announcement of 12 January 2015

² Refer AIM announcement of 22 May 2017 and ASX announcement of 23 May 2017

³ Refer AIM announcement of 26 February 2016 and ASX announcement of 29 February 2016

 

END

 

 

ROMFRMPTMBJMMMP