Thor Mining PLC (LON:THR)

Thor Mining PLC (LON:THR)


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Thor Mining PLC RNS Release

Appendix 3B


RNS Number : 9500J
Thor Mining PLC
10 December 2018
 

Monday, 10 December 2018

 

THOR MINING PLC

 ("Thor" or the "Company")

 

Appendix 3B

 

The Directors of Thor Mining PLC (AIM, ASX: THR) today released the following announcement on the Australian Securities Exchange ("ASX"), as required under the listing rules of the ASX.

 

Enquiries:

Mick Billing

+61 (8) 7324 1935

Thor Mining PLC

Executive Chairman

Ray Ridge

+61 (8) 7324 1935

Thor Mining PLC

CFO/Company

Secretary

Colin Aaronson/

Richard Tonthat/ Ben Roberts

+44 (0) 207 383 5100

 

Grant Thornton UK LLP

 

Nominated Adviser

Nick Emerson

+44 (0) 1483 413 500

SI Capital Ltd

Joint Broker

David Hignell / Rob Rees / Isabella Pierre 

+44 (0)20 3861 6625 

Northland Capital Partners Limited

Joint Broker

Tim Blythe/ Camilla Horsfall

+44 (0) 207 138 3222

Blytheweigh

Financial PR

Updates on the Company's activities are regularly posted on Thor's website www.thormining.com, which includes a facility to register to receive these updates by email, and on the Company's twitter page @ThorMining.

About Thor Mining PLC

Thor Mining PLC (AIM, ASX: THR) is aresources company quoted on the AIM Market of the LondonStock Exchange and on ASX in Australia.

Thor holds 100% of the advanced Molyhil tungsten project in the Northern Territory of Australia, for which an updated feasibility study in August 2018¹ suggested attractive returns.

Thor also holds 100% of the Pilot Mountain tungsten project in Nevada USA which has a JORC 2012 Indicated and Inferred Resources Estimate² on 2 of the 4 known deposits.  The US Department of the Interior has confirmed that tungsten, the primary resource mineral at Pilot Mountain, has been included in the final list of Critical Minerals 2018.

Thor is also acquiring up to a 60% interest Australian copper development company Environmental Copper Recovery SA Pty Ltd, which in turn holds rights to earn up to a 75% interest in the mineral rights and claims over the resource³ on the portion of the historic Kapunda copper mine in South Australia recoverable by way of in situ recovery. 

Thor has an interest in Hawkstone Mining Limited, an Australian ASX listed company with a 100% Interest in a Lithium project in Arizona, USA.

Finally, Thor also holds a production royalty entitlement from the Spring Hill Gold project⁴ of:

 A$6 per ounceof gold produced from the Spring Hilltenements where the gold produced is soldfor up to A$1,500 per ounce; and

 A$14 per ounce of gold produced from the Spring Hill tenements where the gold produced is sold for amounts over A$1,500 per ounce.

 

Notes

¹ Refer ASX and AIM announcement of 23 August 2018

² Refer AIM announcement of 22 May 2017 and ASX announcement of 23 May 2017

³ Refer AIM announcement of 10 February 2016 and ASX announcement of 12 February 2018

 Refer AIM announcement of 26 February 2016 and ASX announcement of 29 February 2017

 

 

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B

 

New issue announcement,

application for quotation of additional securities

and agreement

 

Information or documents not available now must be given to ASX as soon as available.  Information and documents given to ASX become ASX's property and may be made public.

Introduced 01/07/96  Origin: Appendix 5  Amended 01/07/98, 01/09/99, 01/07/00, 30/09/01, 11/03/02, 01/01/03, 24/10/05, 01/08/12

 

 

Name of entity

Thor Mining PLC

 

ABN

121 117 673

 

We (the entity) give ASX the following information.

 

Part 1 ‑ All issues

You must complete the relevant sections (attach sheets if there is not enough space).

 

1

+Class of +securities issued or to be issued

 

(a) Ordinary shares / CDIs

(b) Ordinary shares

 

 

 

2

Number  of +securities issued or to be issued (if known) or maximum number which may be issued

 

(a) Transfers of 745,614 from AIM listed shares on the AIM Market of the London Stock Exchange, to ASX listed CDI's, during the period 5 December 2018 to 9 December 2018.

(b) Issue of 31,203,947 Ordinary Shares as a result of options (termed warrants in the UK) being exercised.

 

The total number of securities, listed on both AIM and ASX, is now 716,900,540 as at 10 December 2018.

 

 

 

3

Principal terms of the +securities (eg, if options, exercise price and expiry date; if partly paid +securities, the amount outstanding and due dates for payment; if +convertible securities, the conversion price and dates for conversion)

This represents:

(a) Transfers between AIM listed shares on the AIM Market of the London Stock Exchange, and ASX listed CDI's.

(b) Issue of Ordinary Shares ranking pari passu with existing Ordinary Shares.

 

 

 

4

Do the +securities rank equally in all respects from the date of allotment with an existing +class of quoted +securities?

 

If the additional securities do not rank equally, please state:

·    the date from which they do

·    the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment

·    the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment

(a) Yes.

(b) Yes.

 

 

 

5

Issue price or consideration

 

(a) N/A

(b) 19,203,947 at £0.012 (1.2 pence) per Ordinary Share, and 12,000,000 at £0.0125 (1.25 pence) per Ordinary Share, being the exercise price of the options.

 

 

 

 

 

6

Purpose of the issue

(If issued as consideration for the acquisition of assets, clearly identify those assets)

 

 

 

 

 

 

(a) N/A

(b) The result of options exercised.

 

 

 

 

 

 

6a

Is the entity an +eligible entity that has obtained security holder approval under rule 7.1A?

 

If Yes, complete sections 6b - 6h in relation to the +securities the subject of this Appendix 3B, and comply with section 6i

Yes

 

 

 

 

 

 

6b

The date the security holder resolution under rule 7.1A was passed

28 November 2018

 

 

 

 

 

 

6c

Number of +securities issued without security holder approval under rule 7.1

N/A

 

 

 

 

 

 

6d

Number of +securities issued with security holder approval under rule 7.1A

N/A

 

 

 

 

 

 

6e

Number of +securities issued with security holder approval under rule 7.3, or another specific security holder approval (specify date of meeting)

 

N/A

 

 

 

 

 

 

6f

Number of securities issued under an exception in rule 7.2

(a) N/A

(b) 31,203,947 Ordinary Shares

 

 

 

 

 

 

6g

If securities issued under rule 7.1A, was issue price at least 75% of 15 day VWAP as calculated under rule 7.1A.3?  Include the issue date and both values.  Include the source of the VWAP calculation.

N/A

 

 

 

 

 

 

6h

If securities were issued under rule 7.1A for non-cash consideration, state date on which valuation of consideration was released to ASX Market Announcements.

N/A

 

 

 

 

 

 

6i

Calculate the entity's remaining issue capacity under rule 7.1 and rule 7.1A - complete Annexure 1 and release to ASX Market Announcements

Refer attached Annexure 1

 

 

 

 

7

Dates of entering +securities into uncertificated holdings or despatch of certificates

(a) Transfers 5 December 2018 to 9 December 2018

(b) 10 December 2018

 

 

Number

+Class

8

Number and +class of all +securities quoted on ASX (including the securities in section 2 if applicable)

    159,634,307

 

Ordinary Shares quoted by

ASX ("THR" as CDIs) as at 10 December 2018.

9

Number and +class of all +securities not quoted on ASX (including the securities in section 2 if applicable)

 

 

 

    557,266,233

 

 

 

 

 

             

20,722,389

 

13,840,000

 

2,000,000

 

20,000,000

               39,444,444

 

500,000

 

10,000,000

 

15,000,000

 

1,500,000   

10,000,000

             

5,000,000

             

15,000,000

 

Ordinary Shares admitted to the AIM Market of the London Stock Exchange, as at 10 December 2018.

 

Unlisted Options:

 

1.25 pence unlisted warrants expiring 7 April 2019.

1.25 pence unlisted warrants expiring 11 April 2019.

1.8 pence unlisted warrants

 expiring 27 June 2019.

1.25 pence unlisted warrants expiring 26 July 2019.

1.8 pence unlisted warrants

 expiring 28 July 2019.

5.0 pence unlisted warrants

 expiring 22 August 2019.

5.0 pence unlisted warrants    expiring 29 January 2020.

1.8 pence unlisted warrants

 expiring 31 March 2020.

1.8 pence unlisted warrants

 expiring 27 June 2020.

1.5 pence unlisted options expiring 2 November 2020.

4.5 pence unlisted options expiring 29 December 2020.

3.5625 pence unlisted options expiring 7 June 2021.

 

 

 

10

Dividend policy (in the case of a trust, distribution policy) on the increased capital (interests)

No Policy

         

 

 

 

 

Part 2 ‑ Bonus issue or pro rata issue - Not Applicable

 

 

Part 3 ‑ Quotation of securities

You need only complete this section if you are applying for quotation of securities

 

34

Type of securities

(tick one)

 

(a)

ü

Securities described in Part 1

 

 

 

 

(b)

 

All other securities

Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid, employee incentive share securities when restriction ends, securities issued on expiry or conversion of convertible securities

 

Entities that have ticked box 34(a)

 

Additional securities forming a new class of securities

 

 

Tick to indicate you are providing the information or documents

 

 

 

35

 

If the +securities are +equity securities, the names of the 20 largest holders of the additional +securities, and the number and percentage of additional +securities held by those holders

 

 

 

36

 

If the +securities are +equity securities, a distribution schedule of the additional +securities setting out the number of holders in the categories

1 - 1,000

1,001 - 5,000

5,001 - 10,000

10,001 - 100,000

100,001 and over

 

 

 

37

 

A copy of any trust deed for the additional +securities

 

 

 

 

Entities that have ticked box 34(b)

 

38

Number of securities for which +quotation is sought

 

 

 

 

 

39

Class of +securities for which quotation is sought

 

 

 

 

 

40

Do the +securities rank equally in all respects from the date of allotment with an existing +class of quoted +securities?

 

If the additional securities do not rank equally, please state:

·        the date from which they do

·        the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment

·        the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment

 

 

 

 

 

41

Reason for request for quotation now

Example: In the case of restricted securities, end of restriction period

 

(if issued upon conversion of another security, clearly identify that other security)

 

 

 

 

 

 

 

 

Number

+Class

42

Number and +class of all +securities quoted on ASX (including the securities in clause 38)

 

 

 

 

 

 

 

 

 

 

Quotation agreement

 

1      +Quotation of our additional +securities is in ASX's absolute discretion.  ASX may quote the +securities on any conditions it decides. 

 

2      We warrant the following to ASX.

 

·      The issue of the +securities to be quoted complies with the law and is not for an illegal purpose.

 

·      There is no reason why those +securities should not be granted +quotation.

 

·      An offer of the +securities for sale within 12 months after their issue will not require disclosure under section 707(3) or section 1012C(6) of the Corporations Act.

Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty

 

·      Section 724 or section 1016E of the Corporations Act does not apply to any applications received by us in relation to any +securities to be quoted and that no-one has any right to return any +securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the +securities be quoted.

 

·      If we are a trust, we warrant that no person has the right to return the +securities to be quoted under section 1019B of the Corporations Act at the time that we request that the +securities be quoted.

 

3      We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense arising from or connected with any breach of the warranties in this agreement.

 

4     We give ASX the information and documents required by this form.  If any information or document not available now, will give it to ASX before +quotation of the +securities begins.  We acknowledge that ASX is relying on the information and documents.  We warrant that they are (will be) true and complete.

 

                    

 

 

 

 

Sign here:     ..............................             Date: 10 December 2018

                      (Company Secretary)

 

Print name: Ray Ridge

 

== == == == ==

 

Appendix 3B - Annexure 1

 

Calculation of placement capacity under rule 7.1 and rule 7.1A for +eligible entities

Introduced 01/08/12

Part 1

 

Rule 7.1 - Issues exceeding 15% of capital

Step 1: Calculate "A", the base figure from which the placement capacity is calculated

Insert number of fully paid ordinary securities on issue 12 months before date of issue or agreement to issue

as at 9 December 2017               583,588,251

 

Add the following:

•    Number of fully paid ordinary securities issued in that 12 month period under an exception in rule 7.2

•    Number of fully paid ordinary securities issued in that 12 month period with shareholder approval

•    Number of partly paid ordinary securities that became fully paid in that 12 month period

Note:

•    Include only ordinary securities here - other classes of equity securities cannot be added

•    Include here (if applicable) the securities the subject of the Appendix 3B to which this form is annexed

•    It may be useful to set out issues of securities on different dates as separate line items

 

Options exercised                         13,932,458

(Issued 18/12/17)

 

Options exercised                           6,010,827

(Issued 28/12/17)

 

Options exercised                           2,402,943

(Issued 22/01/18)

 

Placement (Issued 30/1/18)          10,000,000

(ratified at AGM 28/11/18)

 

Options exercised                           9,247,486

(Issued 9/02/18)

 

Options exercised                         12,448,707

(Issued 14/02/18)

 

Options exercised                           6,883,280

(Issued 19/02/18)

 

Options exercised                           2,932,014

(Issued 16/03/18)

 

Options exercised                           2,904,762

(Issued 13/07/18)

 

Options exercised                           1,428,571

(Issued 27/07/18)

 

Options exercised                              451,643

(Issued 6/08/18)

 

Acquisition (Issued 5/10/18)          14,527,205

(ratified at AGM 28/11/18)

 

Options exercised                           4,250,000

(Issued 2/11/18)

 

Options exercised                           4,960,866

(Issued 9/11/18)

 

Options exercised                           7,500,000

(Issued 5/12/18)

 

Options exercised                         31,203,947

(Issued 10/12/18)

 

Subtract the number of fully paid ordinary securities cancelled during that 12 month period

0

 

"A"

714,672,960

 

Step 2: Calculate 15% of "A"

"B"

0.15

[Note: this value cannot be changed]

Multiply "A" by 0.15

                                                                                                                                                                                    107,200,944

Step 3: Calculate "C", the amount of placement capacity under rule 7.1 that has already been used

Insert number of equity securities issued or agreed to be issued in that 12 month period not counting those issued:

•    Under an exception in rule 7.2

•    Under rule 7.1A

•    With security holder approval under rule 7.1 or rule 7.4

Note:

•    This applies to equity securities, unless specifically excluded - not just ordinary securities

•    Include here (if applicable ) the securities the subject of the Appendix 3B to which this form is annexed

•    It may be useful to set out issues of securities on different dates as separate line items

 

Issue for consideration                    1,127,580

(Shares issued 15/12/17)

Issue for services provided             1,100,000

(Shares issued 23/11/18)

Issue for services provided                500,000

(Options granted 23/11/18)

 

 

 

 

"C"

2,727,580

Step 4: Subtract "C" from ["A" x "B"] to calculate remaining placement capacity under rule 7.1

"A" x 0.15

Note: number must be same as shown in Step 2

 

107,200,944

Subtract "C"

Note: number must be same as shown in Step 3

 

2,727,580

Total ["A" x 0.15] - "C"

104,473,364

 [Note: this is the remaining placement capacity under rule 7.1]

 

Part 2

 

Rule 7.1A - Additional placement capacity for eligible entities

Step 1: Calculate "A", the base figure from which the placement capacity is calculated

"A"

Note: number must be same as shown in Step 1 of Part 1

 

714,672,960

Step 2: Calculate 10% of "A"

"D"

0.10

Note: this value cannot be changed

Multiply "A" by 0.10

71,467,296

Step 3: Calculate "E", the amount of placement capacity under rule 7.1A that has already been used

Insert number of equity securities issued or agreed to be issued in that 12 month period under rule 7.1A

Notes:

•    This applies to equity securities - not just ordinary securities

•    Include here - if applicable - the securities the subject of the Appendix 3B to which this form is annexed

•    Do not include equity securities issued under rule 7.1 (they must be dealt with in Part 1), or for which specific security holder approval has been obtained

•    It may be useful to set out issues of securities on different dates as separate line items

 

"E"

0

 

 

Step 4: Subtract "E" from ["A" x "D"] to calculate remaining placement capacity under rule 7.1A

"A" x 0.10

Note: number must be same as shown in Step 2

 

71,467,296

Subtract "E"

Note: number must be same as shown in Step 3

 

0

Total ["A" x 0.10] - "E"

                                                 

           71,467,296

Note: this is the remaining placement capacity under rule 7.1A

 

 

 


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