Thor Explorations Ltd (CVE:THX) has closed its previously announced private placing with Sprott Capital Partners - raising a total of C$8mln, it said.
Net proceeds shall be used mainly to complete DFS (definitive feasibility study) workstreams and further explore the group's Segilola gold project in Nigeria. The remaining funds will be used for exploration on the firm's Douta project in Senegal and for working capital, it added.
READ: Thor Explorations announces strong drill results from Douta Project in Senegal
“This is a significant milestone for Thor, being our largest equity placement to date," said Segun Lawson, the president and chief executive of Thor Explorations.
"This is a real endorsement of the quality of Thor’s projects. The Segilola definitive feasibility study and proposed exploration programs are fully funded.”
Placed were over 44.4mln units of the company at C$0.18 each. Each unit consists of one company share and one share purchase warrant, which entitles the bearer to buy one share at C$0.28 for 36 months.
Last week, Thor Explorations was encouraged by drilling a potential discovery hole at a new prospect called Maka South on its Douta gold project in southeast Senegal. The area lies north-east of the Douta permit and the hole hit four metres true width at 9.2g/t (grams per ton) gold from 18m downhole, the company said.
Seven further RC holes intersected anomalous gold mineralization including 1m at 3.59 g/t, it had revealed.