PERTH (miningweekly.com) – Dual-listed Thor Mining will raise A$2.65-million in a share placement to fund uranium exploration activities in the US and to fund drilling at the Kelly’s and Krona gold, nickel and lithium projects in the Pilbara.
The company on Tuesday announced plans to place more than 378.5-million shares, at a price of 0.7c each, representing a discount of 22% to the company’s last ASX-listed trading price on November 24, and a 23% discount to its volume weighted average share price for the 15 days prior to that date.
The shares will be issued under the company’s existing placement capacity.
Subject to shareholder approval, Thor will also issue three options for every four shares subscribed for, exercisable at 0.9c each and expiring two years from issue.
“These funds will allow Thor to advance its exploration activities at its uranium projects in the US and progress the exciting Ragged Range gold and nickel project,” said Thor MD Nicole Galloway Warland.
“We are very pleased to receive the ongoing support from the company’s existing shareholders and welcome the company’s new investors to our share register, who recognise the significant potential of our portfolio.
“The proposed name change to ‘Thor Energy’ represents a shift in our focus towards our uranium assets, which we feel demonstrate the most significant value upside within our portfolio and longer-term benefits to the company and its shareholders.”