Appendix 5B

RNS Number : 8026L

Thor Mining PLC

30 April 2015

 

Thursday, 30 April 2015

THOR MINING PLC

Thor Mining PLC ("Thor" or the "Company")

The Directors of Thor Mining PLC (AIM, ASX: THR) today released the following announcement on the Australian Securities Exchange ("ASX") as required under the listing rules of the ASX.

Appendix 5B

Mining exploration entity quarterly report

Name of entity

THOR MINING PLC

ACN or ARBN		Quarter ended ("current quarter")
121 117 673		31 March 2015

Consolidated statement of cash flows

Cash flows related to operating activities		Current quarter $A'000	Year to date   (9 months)             $A'000
1.1	Receipts from product sales and related debtors	0	0
1.2	Payments for    (a)  exploration & evaluation                              (b)  development                              (c)  production                              (d)  administration	(53) 0 0 (100)	(488) 0 0 (607)
1.3	Dividends received	0	0
1.4	Interest and other items of a similar nature received	0	3
1.5	Interest and other costs of finance paid	(17)	(52)
1.6	Income taxes paid	0	0
1.7	Other (R&D refund)	77	77
	Net Operating Cash Flows	(93)	(1,067)
	Cash flows related to investing activities
1.8	Payment for purchases of:  (a)  prospects                              (b)  equity investments                              (c)  other fixed assets	0 0 0	0 0 (5)
1.9	Proceeds from sale of:          (a)  prospects                              (b)  equity investments                              (c)  other fixed assets	0 0 0	0 102 12
1.10	Loans to other entities	0	0
1.11	Loans repaid by other entities	0	0
1.12	Other:- Acquisition costs Pilot Mountain	0	(106)
	Net investing cash flows	0	3
1.13	Total operating and investing cash flows (carried forward)	(93)	(1,064)
1.13	Total operating and investing cash flows (brought  forward)	(93)	(1,064)
	Cash flows related to financing activities
1.14	Proceeds from issues of shares, options, etc. (Refer 2.1 and Note 6)	37	1,008
1.15	Proceeds from sale of forfeited shares	0	0
1.16	Proceeds from borrowings	100	100
1.17	Repayment of borrowings	0	0
1.18	Dividends paid	0	0
1.19	Other (provide details if material)	0	0
	Net financing cash flows	137	1,108
	Net increase (decrease) in cash held	44	44
1.20	Cash at beginning of quarter/year to date	18	18
1.21	Exchange rate adjustments to item 1.20	0	0
1.22	Cash at end of quarter	62	62

Payments to directors of the entity and associates of the directors

Payments to related entities of the entity and associates of the related entities

		Current quarter $A'000
1.23	Aggregate amount of payments to the parties included in item 1.2	0
1.24	Aggregate amount of loans to the parties included in item 1.10	0
1.25	Explanation necessary for an understanding of the transactions
	DD$90,0

Non-cash financing and investing activities

2.1

Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows

Swap agreements The Company has existing agreements with an institutional investor in the Company, Lanstead Capital L.P. ("Lanstead"), consisting of 2 separate agreements: 1) a share subscription agreement and 2) an equity swap agreement.  Under the share subscription agreement, ordinary shares were issued to Lanstead for a cash consideration, of which 85% was invested by the Company in credit support for the equity swap and will be returned to the Company in monthly instalments. Under the equity swap agreement, monthly swap settlements are made based on the prevailing market price of the Company's share price relative to benchmark prices.  During the quarter ended 31 March 2015, the Company received £19,931 (A$37,000) in credit support instalments, net of the swap settlements. At 31 March 2015, the total credit support instalments yet to be received by the Company, net of the swap settlements (valued at the Company's share price of 0.075 pence at that date) is £36,000 (A$67,000).  The instalments will be received over the next 10 months. The future instalments received will vary depending on the Company's share price at each instalment date.

2.2	Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest
	Nil

Financing facilities available

Add notes as necessary for an understanding of the position.

		Amount available $A'000	Amount used $A'000
3.1	Loan facilities	1,100	1,100
3.2	Credit standby arrangements	0	0

 

Estimated cash outflows for next quarter (Note 10)

		$A'000
4.1	Exploration and evaluation	300
4.2	Development	0
4.3	Production	0
4.4	Administration	270
	Total	570

Reconciliation of cash

Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.		Current quarter $A'000	Previous quarter $A'000
5.1	Cash on hand and at bank	62	18
5.2	Deposits at call	0	0
5.3	Bank overdraft	0	0
5.4	Other  (90 day Term Deposit)	0	0
	Total: cash at end of quarter (item 1.22)	62	18

Changes in interests in mining tenements

		Tenement reference	Nature of interest (note (2))	Interest at beginning of quarter	Interest at end of quarter
6.1	Interests in mining tenements relinquished, reduced or lapsed
6.2	Interests in mining tenements acquired or increased

 

Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

		Total number	Number quoted	Issue price per security (see note 3)	Amount paid up per security (note 3)
7.1	Preference securities
7.2	Changes during quarter
7.3	+Ordinary securities	3,053,091,211	3,053,091,211 (Refer Note 7)	N/A	Fully Paid
7.4	Changes during quarter (a)   Increases by issues:           (See below 7.9)      (b)  Decreases through returns of capital, buy-backs
7.5	+Convertible debt securities
7.6	Changes during quarter
7.7	Options (description and conversion factor) Options E (Associates) Options  F (Associates) Options G (Debt facility issuer) Options H (Debt facility issuer) Options K (Associate)	Total number 4,000,000 600,000 84,141,088 62,887,808 26,763,987	Number quoted 0 0 0 0 0	Exercise  price 2.0 pence 2.0cents 0.7428 cents 0.5963 cents 0.1 pence	Expiry date 21/06/2015 27/09/2015 19/03/2016 3/06/2016 22/06/2016
7.8	Issued during quarter
7.9	Exercised during quarter Options J (Attaching to AIM listed shares)	-	-	-	-
7.10	Expired during quarter
7.11	Debentures (totals only)
7.12	Unsecured notes (totals only)

Compliance statement

1             This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 4).

2             This statement does give a true and fair view of the matters disclosed.              

Sign here:            ...                       Date: 30/4/2015

(Company Secretary)

Print name:         Ray Ridge

Notes

1             The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter and the effect on its cash position.  An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

2             The "Nature of interest" (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period.  If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.

3             Issued and quoted securities. The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities.

4            The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report.

5             Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities.  If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

6            Proceeds are net of issue costs.  Proceeds relate to the Lanstead instalments received, net of the swap settlements.  Refer Section 2.1.

7             Ordinary securities comprise of:

Listed on London Stock Exchange (AIM)                             1,536,600,316

Listed on Australian Stock Exchange (ASX) - as CDIs             1,097,740,895

Listed on Australian Stock Exchange (ASX) - as CDIs 

Voluntary escrow until 29 October 2015                                418,750,000

Total Ordinary Securities at 31 March 2015                               3,053,091,211

8            Issues during the quarter comprise of:

Listed on London Stock Exchange (AIM)                                              -

Listed on Australian Stock Exchange (ASX) - as CDI's                             -

Total Ordinary Securities issued in the quarter                                             -

9            During the quarter, the number of shares transferred

              From London Stock Exchange (AIM) to ASX as CDIs was:               41,280,823

10           Projected cash outflows for the next Quarter are $570,000.  This estimate includes $210,000 for the acquisition of the remaining 49% of the Springhill project, as announced to the ASX earlier today.  Finance has been arranged for this acquisition.  The remaining projected cash outflow of $360,000 is in excess of the cash balance at 31 March 2015 of $62,000 and the expected inflows from the Lanstead instalments and swap settlements (refer Section 2.1).  The Company is in discussions with a number of interested parties to finalise arrangements for the required funding.

Enquiries:

Mick Billing	[phone]	Thor Mining PLC	Executive Chairman
Ray Ridge	[phone]	Thor Mining PLC	CFO/Company Secretary
Colin Aaronson/ Harrison Clarke/ Richard Tonthat	[phone]	Grant Thornton UK LLP	Nominated Adviser
Gerry Beaney/ David Hignell John Howes/ Mark Treharne	[phone]	Northland Capital Partners Limited	Broker
Alex Walters	[phone] [phone]	Cadogan PR	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.

 

END

 

 

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