Thor Energy PLC (AIM:THR, OTCQB:THORF, ASX:THR) has raised A$1.3 million in a share placing, with the new funds earmarked to advance its exploration activities in the United States and Australia.
Some 100mln new ordinary shares will be issued priced at 1.3 cents each – a firm placing will raise A$467,890 followed by a conditional A$832,110 placing subject to shareholder approval.
The company noted that the funding was supported by institutional shareholders and sophisticated investors.
Directors including chair Alastair Clayton and managing director Nicole Galloway Warland participated in the placing.
"With the addition of these funds the company is now in a position to plan for the next phases of exploration at its USA and South Australian projects,” Galloway Warland said in a statement.
“We thank existing and new investors for recognising the significant potential of our uranium and copper portfolio.
“The board looks forward to updating the market in the near future on our exploration and project development plans."
A general meeting of shareholders, for a vote to approve the conditional raise, is slated to be held on or before 20 June.