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Thor Mining raises £510,000 to advance Molyhil and Bonya projects

The mining firm's chairman, a non-executive director, and its major shareholder all contributed to the latest fundraising

Thor Mining PLC - Thor Mining raises £510,000 to advance Molyhil and Bonya projects
Molyhil contains large amounts of tungsten

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.

READ: Thor Mining confirms plans to raise funds

The company’s chairman, Mick Billing, has invested £20,000 in the placing, while non-executive director David Thomas has put in £5,000.

Thor’s largest shareholder, resource investor Metal Tiger Plc (LON:MTR), has also participated in the placing.

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.

Quick facts: Thor Mining PLC

Price: 0.24 GBX

AIM:THR
Market: AIM
Market Cap: £2.24 m
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