Thor Mining PLC (LON:THR, ASX:THR), the exploration company focussed on gold and base metal projects and advancing tungsten-molybdenum projects in the Northern Territory of Australia, successfully raised a total of approximately £1.1 million through placing 49,777,778 new ordinary shares.
Of the total, approximately £670,000 were raised via the issue of 29,777,778 shares to UK clients of Simple Investments at 2.25 pence per share.
Approximately A$700,000, £440,000 at current exchange rates, was raised via the of 20 million new shares voting Chess Depositary Interests (CDIs) in the company at 3.5 cents each to investor clients of Patersons Securities Ltd in Australia. CDIs are tax efficient securities on the Australian Securities Exchange.
The company has two main assets, the Dundas gold project and the Molyhil molybdenum project - which is currently on care and maintenance.
The Dundas project is situated in Western Australia within the Albany-Fraser Province which hosts a number of recent gold discoveries including the +5 million ounce Tropicana gold deposit, and other discoveries including Beachcomber, Socrates, Corvette, and Corona.