Issue of Equity

RNS Number : 1247G

Thor Mining PLC

27 January 2010

 

THOR MINING PLC

Issue of Equity

Dated: 27 January 2010

The Directors of Thor Mining PLC (“Thor” or the “Company”) (AIM, ASX: THR) the specialist metals company focused on gold and base metals projects and advancing tungsten-molybdenum projects in the Northern Territory of Australia advises shareholders that the Company proposes to raise approximately AUD$250,000 (approximately £140,000 at current exchange rates) by way of a placing (the “Placing”) of 16,666,667 new ordinary shares of 0.3p each in the capital of the Company (the “Placing Shares”) through the issue of 16,666,667 voting CDI’s in the Company (the “CDI’s”) at 1.5 cents per CDI to sophisticated investor clients of Taylor Collison Limited (Stockbrokers and Investment Advisors) in Australia. Completion of the placing and the receipt of funds are anticipated to take place within the next week. The company intends to make an application to ASX Securities Limited for listing of these CDI’s in due course.

This placing utilises part of the available 15% capacity of the Company's issued capital prior to the placing, pursuant to ASX Listing Rule 7.1. The Placing Shares issued will rank equally with existing Thor ordinary shares trading on AIM and with existing CDI's quoted on the ASX.

The Directors advise that Thor is actively seeking new projects with an emphasis on mainstream commodities to enhance its portfolio and funds raised by the Placing will be used to evaluate new projects to supplement the Molyhil Tungsten & Molybdenum project ("Molyhil"). As announced on 19 November 2009 Molyhil is currently on hold due to the depressed price of Molybdenum.

Following the issue of the Placing Shares the Company's total issued share capital will be 233,223,763 ordinary shares of 0.3p each. Application will be made to the London Stock Exchange for the Placing 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. (GMT) on Friday 5 February 2010.

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.

 

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