Thor Energy PLC (AIM:THR, OTCQB:THORF, ASX:THR) shares advanced in Tuesday's trade, after it announced the signing of a term sheet with ASX-listed Tivan Limited that will see the sale of the London-listed firm's 75% stake in the FRAM Joint Venture.
The transaction for the controlling stake in FRAM, which owns the Molyhil tungsten-molybdenum-copper project in Australia's Northern Territory, is worth A$8.75 million, with Thor’s share totalling A$6.56 million, payable through a mix of upfront and deferred payments over a three-year period.
Thor will receive A$2.25 million at completion, expected by December 2025, followed by three annual deferred payments.
"The Molyhil Project requires, amongst other things, specific sector expertise and a significant balance sheet to unlock the potential of the Project, of which Tivan has both," Thor chair Alastair Clayton said.
In London, Thor shares were up 16% in Tuesday's dealings, changing hands at 0.64p.