logo-loader
viewThor Mining PLC

Thor Mining and Metal Tiger team up to assess new commercial opportunities

“We consider the size, potential and scalability of Thor’s key projects to be of significant interest and that the current valuation placed on Thor offers considerable upside potential for investors," said Metal Tiger CEO Michael McNeilly.

miners in tunnel
The placing shares were priced at 3p

Thor Mining PLC (LON:THR) and Metal Tiger Plc (LON:MTR) are teaming up, with the latter providing an initial £300,000 injection of capital.

Metal Tiger is subscribing for 10mln new Thor shares, priced at 3p each, and it is also receiving share warrants that can be exercised to increase its stake further at a price of 5p per additional share. In late afternoon trading, Thor Mining shares were 15% higher at 2.88p.

On top of that, Metal Tiger will have the right of first refusal to participate in any joint venture, acquisition or similar transaction undertaken by Thor.

The cash injection will support the advancement of Thor’s key projects - Molyhil, Pilot Mountain and Kapunda Copper.

"I look forward to working with Metal Tiger plc and assessing a number of opportunities across our current operational portfolio where there may be potential for collaborative transactions between our companies,” said Mick Billing, Thor Mining executive chairman.

“The 90 day first right of refusal period allows us the opportunity to explore opportunities with a degree of commitment and engagement from both companies."

Meanwhile, Metal Tiger chief executive Michael McNeilly added: “Metal Tiger is a financially robust and proactive natural resource investing business looking for new opportunities to deploy capital into companies and projects with considerable upside potential. We are delighted to increase our position through this strategic financing.

“We consider the size, potential and scalability of Thor’s key projects to be of significant interest and that the current valuation placed on Thor offers considerable upside potential for investors.

“We look forward to working with Thor to assess commercialisation opportunities.”

 -- Adds share price --

Quick facts: Thor Mining PLC

Price: 0.365 GBX

AIM:THR
Market: AIM
Market Cap: £3.93 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Thor Mining PLC named herein, including the promotion by the Company of Thor Mining PLC in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Thor Mining's Mick Billing highlights 'significant value' in its core assets

Thor Mining's (LON:THR) Mick Billing tells Proactive London's Andrew Scott they're continuing to advance exploration activities at Bonya to add value to the Molyhil project. He says drill results have so far been encouraging with higher than expected grades at White Violet.  He...

on 27/11/19

2 min read