LONDON, UK: The Directors of Thor Mining introduced a profitable capital raise of A$2.65 million to fund exploration actions on the company’s project interests, with particular emphasis on the uranium exploration licences in Colorado and Utah inside the United States.
Following this placement, together with existing money and listed investments, the Company’s total liquidity place is now circa A$4.0m (before prices of the capital raise).
The firm will additionally search shareholder approval to change the Company’s name to “Thor Energy Plc” at a General Meeting of shareholders anticipated to be held on 4 January 2023. The proposed name change is meant to mirror the Company’s greater focus on its uranium assets inside its portfolio.
Nicole Galloway Warland, Managing Director of Thor Mining, commented: “These funds will allow Thor to advance its exploration actions at its uranium projects inside the US and progress the thrilling Ragged Range gold and nickel project.
“We are very happy to obtain the ongoing support from the Company’s existing shareholders and welcome the Company’s new investors to our share register, who recognise the numerous potential of our portfolio.
“The proposed name change to ‘Thor Energy plc’ represents a shift in our focus towards our uranium assets, which we really feel demonstrate the most significant worth upside inside our portfolio and longer-term advantages to the Company and its shareholders.”
The firm has raised gross proceeds of A$2,650,000 via the placing of 378,571,429 Placing Shares at a price of A$0.007 per Placing Share.
Subject to shareholder approval, the placees are to obtain three choices for each 4 Placing Shares subscribed, exercisable at $0.009 expiring 2 years from issue, being a complete of 283,928,583 options. The Shareholder Meeting to consider this matter is anticipated to happen in early January 2023. The Company will lodge a Notice of Meeting on or by 9 December 2022.
The Placing price represents a reduction of 22% to the final ASX-traded price of A$0.009 on 24 November 2022 and a 23% low cost to the VWAP of the final 15 days traded previous to that date. The Placing Shares being issued represent roughly 19% of the existing issued ordinary share capital of the Company previous to the Placing.
Subject to shareholder approval, the Company will additionally grant 94,642,858 choices to DealAccess as half consideration for services provided as lead supervisor for the capital raise (“Broker Options”). These will be of the identical class as these choices issued to Australian placees, having an train price of $0.009 and expire two years from the issue date.
Thor intends to use for the citation of the Placement Options and the Broker Options, topic to assembly the ASX’s minimal itemizing requirements.