Thor Mining PLC (AIM:THR, OTC:THORF, ASX:THR) said it has raised A$2.65mln to fund uranium exploration projects in Colorado and Utah, with existing and new investors backing an equity raise.
The company, in a statement, said it is issuing 378.5mln new shares priced at 0.7 Australian cents through a placing which remains subject to shareholder approval.
It also said it will rebrand the company as Thor Energy PLC to reflect the focus on uranium, though noted that some of the new capital would support drilling at the Kelly’s and Krona gold, nickel, and lithium projects.
"These funds will allow Thor to advance its exploration activities at its uranium projects in the US and progress the exciting Ragged Range gold and nickel project,” said Thor managing director Nicole Galloway Warland in a statement.
"We are very pleased to receive the ongoing support from the company's existing shareholders and welcome the company's new investors to our share register, who recognise the significant potential of our portfolio.”
She added: "The proposed name change to 'Thor Energy plc' represents a shift in our focus towards our uranium assets, which we feel demonstrate the most significant value upside within our portfolio and longer-term benefits to the company and its shareholders."