General Meeting Statement

RNS Number : 7650P

Thor Mining PLC

22 July 2010

 

THOR MINING PLC

GENERAL MEETING STATEMENT

The Directors of Thor Mining PLC ("Thor" or the "Company") (AIM, ASX: THR) the resources company focused on gold and base metals projects and advancing tungsten-molybdenum projects in the Northern Territory of Australia are pleased to announce that all Resolutions proposed at the General Meeting of the Company held on 22 July 2010 were duly passed without amendment.

In order to give as many of its Security Holders as possible the opportunity to participate in the financing of the Company and to limit the dilutive effect to Security Holders the Company announced on 23 June 2010 a proposed Placing of up to 200,000,000 New Shares at 0.7 pence per share and at AUD0.0 1225 per CDI with up to 100,000,000 free attaching Warrants and an Open Offer of up to 200,000,000 New Shares at 0.7 pence per share and at AUD0.01225 per CDI with up to 100,000,000 free attaching Warrants to Shareholders to raise up to £2.8 million (AUD4.9 million).

Based on a minimum spend required to keep the core projects comprising Dundas, Harts Range and Molyhil, in good standing along with basic working capital requirements whilst allowing sufficient exploration to advance the exploration and evaluation of those projects for the period to 30 June 2011 the Company requires the Placing and the Open Offer to raise combined total of at least circa £0.59 million (AUD1.0 million) before expenses.

Following completion of the Open Offer to Shareholders 88,489,210 New Shares were subscribed raising approximately £0.624 million (AUD1.1 million). The Company has also received subscriptions for 4,846,939 New Shares under the Placing, raising an additional £0.034 million (AUD0.059 million) for a total of £0.658 million (AUD1.138 million).

The Dundas Project

At the General Meeting Shareholders approved Resolution 7 allowing Thor to issue and allot 45,000,000 Shares, in the form of CDIs, to the Vendors of the Dundas Gold Project and the Agents that assisted with this transaction, upon exercise of the Stage One Option. Thor intends to exercise the Stage One Option to acquire an additional 9% interest in the Dundas Project as soon as practicable, taking Thor's interest in the tenements to 60%.

Following the issue of the New Shares under the Placing and the Open Offer the Company's total issued share capital will be 336,559,912 Ordinary Shares of 0.3p each. Application will be made to the London Stock Exchange for the New Shares, which will rank pari passu with the Company's existing issued ordinary shares, to be admitted to trading on AIM. Dealings are expected to commence at 8.00 a.m. (BST) on Wednesday 28 July 2010. In Australia an application has been made to the Australian Securities Exchange (the "ASX") for quotation of New CDIs. Dealings are expected to commence Wednesday 28 July 2010.

An application has also been made to the ASX for quotation of the CDI Warrants (or Options in Australia). Quotation of these securities is subject to the satisfaction of ASX's requirements for quotation of a new class of securities. Thor will promptly update the market once ASX has reached a decision.

In accordance with the Financial Services Authority Disclosure and Transparency Rules, the Company has 336,559,912Ordinary Shares of 0.3p each in issue, each share carrying the right to one vote. The Company does not hold any Ordinary Shares in Treasury.

The above figure of 336,559,912 Ordinary Shares 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 share capital of the Company under the Financial Service Authority's Disclosure and Transparency Rules.

Enquiries:

Mick Billing	+ 61 (0)414 741 007	Thor Mining PLC	Executive Chairman
Laurie Ackroyd	[phone]	Thor Mining PLC	CFO/Company Secretary
John Simpson	+ 44 (0)20 7776 6550	Daniel Stewart & Co. Plc	Nominated Adviser

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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