Thor Mining (ASX: THR, AIM: THR) will raise £335,000 (A$560,000) to assist to develop its assets, as well as to provide general working capital, following a placement of 148,888,887 Thor ordinary shares at a price of 0.225p per share.
The placement was made to sophisticated clients of SI Capital Limited.
Mick Billing, executive chairman, commented: "In this difficult market raising capital is challenging and we are grateful for the support we have received in this placing.
"There are several high priority programs at both the Molyhil tungsten project, and the Spring Hill gold project, which we can now schedule with confidence."
Both Molyhil and the Spring Hill projects are located in the Northern Territory of Australia.
The ordinary shares of the Company have a nominal value of 0.3p per share and, under the UK Companies Act 2006, the company is unable to issue ordinary shares below their nominal value.
Accordingly, the company will be convening a general meeting, which is expected to take place on 3 September 2013 to, among other things, reorganise its share capital and in doing so reduce the nominal value of its ordinary shares.
This will be achieved by converting each ordinary share of 0.3p into one ordinary share of 0.01p and one deferred share of 0.29p. The deferred shares will effectively have no value.
Completion of the placing is dependent on the company's shareholders passing the resolutions necessary to effect the required reorganisation and reduction in the nominal value of the company's shares at the general meeting.
Thor will also seek approval for the issue of these securities pursuant to ASX Listing Rule 7.1 at this meeting.
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