Notice of general meeting

RNS Number : 4335C

Thor Mining PLC

17 March 2014

 



17 March 2014

THOR MINING PLC

NOTICE OF GENERAL MEETING

Thor Mining PLC ("Thor" or "The Company") (AIM, ASX: THR), the Australian tungsten and gold explorer and developer, is today posting a notice of a general meeting to be held at 10.00am on 3 April 2014 at the offices of Grant Thornton UK LLP, 30 Finsbury Square, London EC2P 2YU.

At the general meeting, shareholders will be asked to give the directors authorities to issue shares pursuant to the matters described below.

As announced by the Company on 21 February 2014, the Company has entered into a subscription agreement with Lanstead Capital L.P. to raise a total of £750,000 (before expenses) (Placement).  The first tranche of Shares under the Placement were issued on 21 February 2014, within the Company's placement capacity.  The second tranche of Shares to be issued under the Placement is subject to Shareholder approval being obtained for the issue of those Shares at this General Meeting.  For further details on the Placement, please refer to the announcement made by the Company on 21 February 2014.

The funds raised by the Placement will be applied to augment the Company's existing cash resources and assist with continued assessment and exploration of its advanced tungsten and gold projects in Australia's Northern Territory primarily, and where prudent, its gold project in Western Australia. 

Further, as announced on 20 February 2014, the Company has now satisfied the expenditure requirement to exercise its option to acquire an additional 29% interest in the tenements comprising the Spring Hill project in the Northern Territory.  Resolution 5 seeks Shareholder approval for the issue of Shares as consideration for the acquisition of that additional 29% interest, following exercise of the option to acquire that additional interest.

Resolutions 1 and 2 of the notice of general meeting provide the directors with the appropriate authorities to issue shares and dis-apply pre-emption rights for existing shareholders. Resolutions 3, 4 and 5 are resolutions required by the ASX listing rules.

A copy of the Notice of General Meeting is available on the Company's website, http://www.thormining.com/.

The Thor directors believe that the placing and the exercise of the option to acquire an additional interest in the Spring Hill project is in the best interest of the Company and recommend that Shareholders vote in favour of the resolutions at the general meeting, as they intend to do in respect of their own holdings of 78,037,036 Shares representing 5.08 per cent of the Company's issued share capital.

Enquiries:

Mick Billing	[phone]	Thor Mining PLC	Executive Chairman
Allan Burchard	[phone]	Thor Mining PLC	CFO/Company Secretary
Colin Aaronson/ David Hignell/ Jamie Barklem	[phone]	Grant Thornton UK LLP	Nominated Adviser
Nick Emerson/ Renato Rufus	[phone]	SI Capital Limited	Broker
Alex Walters	[phone] [phone]	Cadogan PR	Financial PR

 

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