Thor Mining PLC (AIM:THR, OTCQB:THORF, ASX:THR) said it raised gross proceeds of A$2.75mln (£1.5mln), via a placing, to fund its exploration activities, with particular focus on the Ragged Range gold and nickel prospects in Western Australia.
Shares in Thor were halted on the Australian Securities Exchange from yesterday, at the company’s request, while it completed the placing in Australia. Trading on the ASX will resume on Wednesday.
Thor placed 220 million new shares at a price of A$0.0125 (0.67 pence) each, a discount of around 17% from the closing price of A$0.015 on December 10.
"These funds will allow Thor to maintain its intensive exploration programs at our exciting Ragged Range gold and nickel project, including follow up RC [reverse circulation] drilling and regional exploration, as well as exploration drilling at Wedding Bell uranium-vanadium project, USA and Molyhil tungsten-molybdenum-copper project, NT,” said managing director Nicole Galloway Warland.
“We look forward to drilling news flow expected from Ragged Range and Alford East projects over the next few weeks, as well as an update on the drilling status at our uranium and vanadium prospects, USA," she said.
Thor said it received strong support for the placing from existing and new shareholders.
Australia-based PAC Partners Pty Ltd and DealAccess Pty Ltd (DealAccess by PAC) acted as lead manager for the placement have elected to take A$90,000 of their fees in new shares in a show of confidence, Thor said, adding that it will issue an additional 7.2 million shares to the brokers in lieu of fees.
Thor's London-listed shares were up 13% at 0.65p by mid-morning trading.