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  • Thor Mining Raises Money To Fund Key Tungsten, Gold Projects 0 comments
    Apr 28, 2013 11:35 PM

    Thor Mining (ASX:THR) has raised about A$382,000 via an open offer to shareholders that received an uptake for over 40 million CDIs on the ASX and over 50 million shares to list on London's AIM exchange.

    The CDIs were offered at $0.0067 each representing a discount of 16.25% to the closing market price of A$0.008 per CDI on 8 March 2013.

    The non-underwritten capital raising was targeting funding its key tungsten and gold projects in the Northern Territory and Western Australia.

    The company has planned regional exploration activities at the Molyhil Tungsten-Molybdenum Project in the Northern Territory to test for additional resources, which would supplement production and add to the life of the Molyhil Project.

    It is also hoping to test for additional gold resources at Spring Hill Gold Project in NT and to increase its interest in the project to 80% by spending a further A$600,000 on exploration of the relevant tenements.

    The other key focus is on the Dundas Gold Project in Western Australia, which has a number of gold related drill targets, along with some early stage nickel prospectivity.

    As part of the open offer, Thor will also issue 28,524,264 free attaching warrants or options to those shareholders that participated in the capital raising. The warrants carry an exercise price of $0.0105 per option.

    The total number of listed securities on issue after completion of the allotment will comprise 982,814,766 shares on AIM and 489,402,827 CDIs on ASX.

    Thor had budgeted to spend between $1.7 million and $2.7 million for the calendar year activities and was hoping to raise about $3.01 million.

    Earlier this year, it accepted a committed offer of a A$1 million secured debt facility with a three year repayment period from a sophisticated private investor.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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