Thor Explorations receives $78m in funding from AFC
Thor Explorations, last year’s winner of the Mining Indaba’s Investment Battlefield, has received approval from the Africa Finance Corporation (AFC) for a $78-million financing package for the construction and ramp-up of its 100% owned Segilola gold project, in Nigeria.
This is the project Thor president and CEO Segun Lawson pitched to a panel of judges at the 2018 Investment Battlefield.
Thor announced earlier this month that it had received conditional approval from the TSX Venture Exchange for the first tranche of the proposed $15-million private placement with AFC.
“This is a significant milestone for Thor and for the mining sector of Nigeria,” said Lawson.
He indicated that the total finance capital requirement for the project is $87.5-million and that the AFC has provided the bulk of the required financing.
“Not only have they put in debt, they have put down a $9-million prepayment on 4.4% of the gold and $15-million in equity, meaning that they are becoming both a lender and a long-term shareholder. We are very excited about having them on board.”
For Thor, winning the Investment Battlefield was a big step in the company’s progression to reach this point
“For us, it was ground-breaking in terms of getting out from under the radar and increasing our exposure,” said Segun. This aligns to a core purpose of the Mining Indaba – to facilitate connections and be Africa’s premier deal-making platform.
Segilola is considered the most advanced gold project in Nigeria.
The Mining Indaba will host its fourth Investment Battlefield competition in 2020.
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