JOHANNESBURG (miningweekly.com) – Dual-listed Thor Mining’s 25% stake in soon-to-be-ASX-listed US Lithium has been diluted to 20.83% on the back of a capital raise at a substantial premium.
Thor in June last year acquired 2.5-million shares in the company, which held lithium exploration interests in Arizona and New Mexico, in the US, at A$0.04 apiece.
US Lithium embarked on a capital raise, issuing two-million shares at A$0.12 apiece, raising A$240 000 before expenses.
"US Lithium has made very positive progress in recent months, and we welcome the additional investment at a substantial premium to the original Thor investment,” Thor executive chairperson Mick Billing said.
While US Lithium prepares to make its debut on the ASX, the company has appointed MDS in California to complete first stage metallurgical testwork.
Further, additional claims have been lodged to the south of the Big Sandy project in Arizona, to double the area of the project and assay results are pending from recent field exploration work, including additional auger drilling and site mapping.