Thor Mining PLC (AIM:THR, OTCQB:THORF, ASX:THR) is pleased with its divestment of the Pilot Mountain project to focus on its copper and gold projects.
Power Metals Resources this morning confirmed its subsidiary Golden Metal Resources had exercised the option to acquire a 100% interest in the Pilot Mountain, in a deal that sees Thor receive US$115,000 of cash and US$1.65mln of Power Metal shares (equivalent to a 3.59% stake) at an issue price of 2.5p.
Power Metal plans to spin-out Golden Metal into a new listing on the London capital markets, with the vehicle holding Pilot Mountain together with the Garfield and Stonewall projects.
Thor managing director Nicole Galloway Warland said: “This strategic divestment will allow Thor to focus on our copper and gold projects and provide further capital to accelerate exploration activities, including RC drilling, at Ragged Range project in the Pilbara and progress baseline studies for in-situ recovery for copper and gold at Alford East project.”
“This sale is also the right mix of cash and shares to provide ongoing exposure to the Pilot Mountain project."