Notice of AGM
1 November 2019
THOR MINING PLC
NOTICE OF ANNUAL GENERAL MEETING
Thor Mining PLC ("Thor" or "the Company") (AIM, ASX: THR) has today posted the notice of the Annual General Meeting to be held at 10am on 28 November 2019 at the offices of Grant Thornton UK LLP, 30 Finsbury Square, London EC2A 1AG (the "Annual General Meeting").
In addition to the usual resolutions which are considered at an Annual General Meeting, shareholders will be asked to consider the Resolutions 6 to 13.
Resolutions 6 and 7 provide the directors with the appropriate authorities, respectively, to issue shares and dis-apply pre-emption rights for existing shareholders and it is the normal procedure for such authority to be renewed at the annual general meeting. Resolution 6 is a requirement under English company law where the Company wishes to allot new relevant securities; resolution 7 is a requirement under English company law where the Company wishes to do so for cash without first offering those securities on a pro rata basis to existing shareholders.
Resolution 8 seeks the approval from shareholders of a 10% placement facility. ASX Listing Rule 7.1A enables eligible entities to issue equity securities up to 10% of its issued share capital in accordance with the terms set out in resolution 8 (10% Placement Facility). The 10% Placement Facility is in addition to the Company's 15% placement capacity under ASX Listing Rule 7.1. At this Meeting the Company is seeking shareholder approval by way of a special resolution to have the ability to issue additional equity securities under the 10% Placement Facility.
Resolution 9 seeks shareholder approval to ratify under ASX Listing Rule 7.4, the issue of 4,687,500 Ordinary Shares that were previously issued within the Company's placement capacity under ASX Listing Rule 7.1, on the 5 July 2019. The ratification under ASX Listing Rule 7.4 has the effect of refreshing the Company's placement capacity under ASX Listing Rule 7.1.
As announced on 22 October 2019, the Company raised a total of UK£226,667, before expenses, through the placement of 113,333,333 ordinary shares at a price of £0.002 each, which were issued on 29 October 2019 (Tranche 1 Placement Securities). Placees were identified by Hybridan LLP, as the lead broker, together with SI Capital Ltd, and existing shareholders identified by the Board. The Tranche 1 Placement Securities, were issued within the Company's placement capacity under ASX Listing Rule 7.1, and may be ratified under ASX Listing Rule 7.4. This has the effect of refreshing the Company's placement capacity under ASX Listing Rule 7.1 for which approval is being sought under resolution 10. Also announced on 22 October 2019, the Company has agreed to issue a further 129,166,667 ordinary shares, raising UK£258,333 before expenses (Tranche 2 Placement Securities) on the same terms as the Trance 1 Placement Securities. The issue of the Trance 2 Placement Securities is subject to shareholder approval, now being sought at this Meeting under resolution 11. In addition, two directors, Mick Billing and David Thomas have each agreed to participate in the placement on the same terms and conditions as the Trance 1 Placement Securities and Tranche 2 Placement Securities. Approval from shareholders is required under ASX Listing Rule 10.11 to enable related parties of the Company to participate in the placement and these approvals are sought under resolution 12 for the issue of 10,000,000 ordinary shares to Mr Billing and under Resolution 13 for the issue of 2,500,000 ordinary shares to Mr Thomas.
A copy of the Notice of Annual General Meeting is also available on the Company's website, http://www.thormining.com/
+61 (8) 7324 1935
Thor Mining PLC
+61 (8) 7324 1935
Thor Mining PLC
Richard Tonthat/ Ben Roberts
+44 (0) 207 383 5100
Grant Thornton UK LLP
Claire Louise Noyce /
+44 (0) 203 764 2341
Joint Broker, lead broker to the placing
+44 (0) 1483 413 500
SI Capital Ltd
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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 a resources company quoted on the AIM Market of the London Stock 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.
Adjacent Molyhil, at Bonya, Thor holds a 40% interest in deposits of tungsten, copper, and vanadium, including an Inferred resource for the Bonya copper deposit².
Thor also holds 100% of the Pilot Mountain tungsten project in Nevada USA which has a JORC 2012 Indicated and Inferred Resources Estimate³ 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 resource⁴ 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 project⁵ of:
• A$6 per ounce of gold produced from the Spring Hill tenements where the gold produced is sold for 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.
¹ Refer ASX and AIM announcement of 23 August 2018
² Refer ASX and AIM announcement of 26 November 2018
³ Refer AIM announcement of 13 December 2018 and ASX announcement of 14 December 2018
⁴ Refer AIM announcement of 10 February 2016 and ASX announcement of 12 February 2018
⁵ Refer AIM announcement of 26 February 2016 and ASX announcement of 29 February 2016
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Quick facts: Thor Mining PLC
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