Thor Energy PLC (AIM:THR, OTCQB:THORF, ASX:THR) shares advanced in Wednesday’s early deals as it raised new funds to accelerate its exploration venture in Colorado and Utah – in the uranium-vanadium mining district of the Uravan Mineral Belt.
The company, in a statement, said it is planning a new programme comprising 4,000 metres of drilling at the Radium Mountain/Wedding Bell Project in Colorado and a maiden drill at the Vanadium King Project in Utah.
It highlighted that its drill contractor for the work, Boart Longyear, is slated to start in September.
"We are very excited to complete this strategic placement to accelerate drilling,” managing director Nicole Galloway Warland said.
She added: "We are highly encouraged to receive the ongoing support from the company's existing shareholders and are also delighted to welcome new investors to our share register who recognise the significant potential of our USA uranium portfolio.
"We look forward to updating the market in due course with the development of our US drilling activities."
The company said it placed 23.8 million new shares with investors at a price of 4.2 Australian cents per share, raising gross proceeds of A$1 million.
The company noted “strong support” from existing and new shareholders.
In London, Thor Energy shares traded 14% higher in early deals to change hands at 1.74p each.