Thor Mining PLC (AIM:THR, FRA:T5MC, OTCQB:THORF, ASX:THR) (AIM:THR) raised £800,000 in a private placement to fund exploration activities on its projects, particularly the Ragged Range gold and nickel prospects in the Pilbara, Western Australia.
It placed about 123.1mln shares at a price of 0.65 pence each, a discount of 11% to the closing share price of 0.73 pence on August 10.
"This additional capital for Thor Mining will allow us to continue the intensive exploration work program at our exciting Ragged Range gold & nickel project, including RC drilling of priority drill targets, as well as exploration drilling at Molyhil tungsten-molybdenum project,” said managing director Nicole Galloway Warland.
Thor received strong support from existing and new shareholders.
Existing shareholder Artemis Resources Ltd (ASX:ARV, ASX:ARV), which has major gold exploration and development projects in the Pilbara, invested £118,850 in the private placement. Thor director Mark Potter is non-executive chairman of Artemis.
Participants in the placing will receive a one warrant for every two placing shares subscribed, at 1.3 pence per share, valid for two years from the date of issue.