Thor Mining PLC (LON:THR, ASX:THR) has raised £510,000 in a share placing to progress work at its core Molyhil and Bonya projects in Australia’s Northern Territory.
The AIM-listed miner raised the funds through a placing and subscription of around 255mln new shares at a price of 0.2p each, a 39% discount to its closing price on Monday.
The company’s chairman, Mick Billing, has invested £20,000 in the placing, while non-executive director David Thomas has put in £5,000.
The funds will be used mainly at Molyhil and Bonya, as well as the EnviroCopper project in South Australia, in which Thor holds a 25% stake.
Billing said the cash will “advance” developments at all three sites, as well as allowing the firm more time to secure project financing for its flagship Molyhil project.
He added that “recent sustained strengthening” of tungsten prices, a recent resource upgrade at Molyhil and imminent results from Bonya had the potential to improve the outlook for progressing the project towards development and financing.