TIDMTHR
RNS Number : 9621M
Thor Energy PLC
20 September 2023
20 September 2023
Thor Energy Plc
("Thor" or the "Company")
Equity Placing to Accelerate Uranium Drilling
Wedding Bell and Radium Mountain Projects, USA
The directors of Thor Energy Plc ("Thor" or the "Company") (AIM,
ASX: THR, OTCQB: THORF) are pleased to announce a successful
capital raise of AUD$1m to accelerate exploration activities at the
Company's 100% owned uranium assets, located in the historic
uranium-vanadium mining district within the Uravan Mineral Belt, in
Colorado and Utah, USA (Figure 1).
Highlights:
-- The Company has raised gross proceeds of AUD$1m via a placing
of 23,809,524 new ordinary shares and Australian Securities
Exchange-listed ("ASX") CDI's ("Ordinary Shares") (the "Placing
Shares") at a price of AUD$0.042 (4.2 cents) per Ordinary Share
(the "Placing"), well above the 15 VWAP of $0.0384.
-- Strategic small placement limited to AUD$1m saw strong demand
with scale-backs.
-- Strong support was received from existing and new
shareholders, strengthening the Company's share register. GBA
Capital Pty Ltd acted as lead manager for the Placing.
-- Funds raised will be used to accelerate drilling activities
at the USA uranium and vanadium assets, including the proposed
4000m RC drilling program at the Radium Mountain/Wedding Bell
Project, Colorado followed by a maiden drilling campaign at
Vanadium King Project, Utah.
-- Drilling Contractor Boart Longyear is secured, with drilling
to commence in September 2023.
Nicole Galloway Warland, Managing Director of Thor Energy,
commented:
"We are very excited to complete this strategic placement of
AUD$1M to accelerate drilling at Rim Rock, Groundhog and Section 23
uranium prospects at the Radium Mountain/Wedding Bell Project, as
well as completing a maiden drilling program at our Vanadium King
Project. The recent airborne magnetic survey defined several
targets worthy of drill follow-up.
"We are highly encouraged to receive the ongoing support from
the Company's existing shareholders and are also delighted to
welcome new investors to our share register who recognise the
significant potential of our USA uranium portfolio.
"We look forward to updating the market in due course with the
development of our US drilling activities."
Figure 1: USA Uranium and Vanadium Project Location Map within
the Uravan Mineral Belt.
Capital Raise
The Company has raised gross proceeds of AUD$1,000,000 via the
placing of 23,809,524 Placing Shares at a price of AUD$0.042 per
Placing Share.
All placees will also receive one option for each Placing Shares
subscribed, being a total of 23,809,524 options (the "Placement
Options"). All Placement Options will be issued under the existing
ASX listed options (ASX: THROD) which are exercisable at AUD$0.09
(9 cents) and expire in January 2025.
The funds raised will be utilised for exploration activities at
the Company's uranium projects in the United States, as well as for
general working capital purposes.
The Placing price represents a discount of 6.67% to the last
ASX-traded price of AUD$0.045 on 15 September 23 but is a 9.38%
premium to the VWAP of the last 15 trading days, prior to that
date.
The Company will also grant 5,800,000 options to GBA Capital as
part consideration for services provided as lead manager for the
capital raise ("Broker Options"). These will be of the same class
as those options issued to Australian places (ASX: THROD), having
an exercise price of AUD$0.09 and expiring in January 2025.
Share Issue
The Company expects to issue 23,809,524 Ordinary Shares at
AUD$0.042 per share to raise AUD$1 million, and the 29,609,524 ASX
listed options utilising the Company's existing shareholder
authorities and placement capacity available under ASX listing
rules 7.1 and 7.1A.
Settlement and dealings
Application will be made for the Placing Shares to be admitted
to trading on ASX and AIM ("Admission") and it is expected that
Admission will become effective on or around 27 September 2023. The
Placing Shares will rank pari passu with the Company's existing
issued Ordinary Shares.
Total Voting Rights
For the purposes of the Financial Conduct Authority's Disclosure
Guidance and Transparency Rules ("DTRs"), following Admission of
the Placing Shares, Thor will have 269,350,808 Ordinary Shares in
issue with voting rights attached. Thor holds no shares in
treasury. The figure of 269,350,808 may be used by shareholders in
the Company as the denominator for the calculations by which they
will determine if they are required to notify their interest in, or
a change to their interest in the Company, under the ASX Listing
Rules or the DTRs.
The Board of Thor Energy Plc has approved this announcement and
authorised its release.
This announcement contains inside information for the purposes
of Article 7 of the UK version of Regulation (EU) No 596/2014 which
is part of UK law by virtue of the European Union (Withdrawal) Act
2018, as amended ("MAR"). Upon the publication of this announcement
via a Regulatory Information Service, this inside information is
now considered to be in the public domain.
For further information, please contact:
Thor Energy PLC
Nicole Galloway Warland, Managing Director Tel: +61 (8) 7324
Ray Ridge, CFO / Company Secretary 1935
Tel: +61 (8) 7324
1935
WH Ireland Limited (Nominated Adviser and Tel: +44 (0) 207
Joint Broker) 220 1666
Antonio Bossi / Darshan Patel
SI Capital Limited (Joint Broker) Tel: +44 (0) 1483
413 500
Nick Emerson
Yellow Jersey (Financial PR) thor@yellowjerseypr.com
Sarah Hollins / Shivantha Thambirajah / Tel: +44 (0) 20
Bessie Elliot 3004 9512
GBA Capital Pty Limited (Lead Manager) Tel: +61 (2) 9135
2902
Sebastian Jurd, Managing Director
Updates on the Company's activities are regularly posted on
Thor's website which includes a facility to register to receive
these updates by email, and on the Company's twitter page
@thorenergyplc
About Thor Energy Plc
The Company is focused on uranium and energy metals that are
crucial in the shift to a 'green' energy economy. Thor has a number
of highly prospective projects that give shareholders exposure to
uranium, nickel, copper, lithium and gold. Our projects are located
in Australia and the USA.
Thor holds 100% interest in three uranium and vanadium projects
(Wedding Bell, Radium Mountain and Vanadium King) in the Uravan
Belt Colorado and Utah, USA with historical high-grade uranium and
vanadium drilling and production results.
Thor owns 100% of the Ragged Range Project, comprising 92 km2 of
exploration licences with highly encouraging early-stage gold,
copper and nickel results in the Pilbara region of Western
Australia.
At Alford East in South Australia, Thor is earning an 80%
interest in oxide copper deposits considered amenable to extraction
via In-Situ Recovery techniques (ISR). In January 2021, Thor
announced an Inferred Mineral Resource Estimate(1).Thor also holds
a 30% interest in Australian copper development company
EnviroCopper Limited, which in turn holds rights to earn up to a
75% interest in the mineral rights and claims over the resource on
the portion of the historic Kapunda copper mine and the Alford West
copper project, both situated in South Australia, and both
considered amenable to recovery by way of ISR.(2)(3)
Thor holds 100% of the advanced Molyhil tungsten project,
including measured, indicated and inferred resources , in the
Northern Territory of Australia, which was awarded Major Project
Status by the Northern Territory government in July 2020. Thor
executed a $8m Farm-in and Funding Agreement with Investigator
Resources Limited (ASX: IVR) to accelerate exploration at the
Molyhil Project on 24th November 2022.(6)
Adjacent to Molyhil, at Bonya, Thor holds a 40% interest in
deposits of tungsten, copper, and vanadium, including Inferred
resource estimates for the Bonya copper deposit, and the White
Violet and Samarkand tungsten deposits. Thor's interest in the
Bonya tenement EL29701 is planned to be divested as part of the
Farm-in and Funding agreement with Investigator Resources
Limited.(6)
Notes
(1)
https://thorenergyplc.com/investor-updates/maiden-copper-gold-mineral-resource-estimate-alford-east-copper-gold-isr-project/
(2)
www.thorenergyplc.com/sites/thormining/media/pdf/asx-announcements/20172018/20180222-clarification-kapunda-copper-resource-estimate.pdf
(3)
www.thorenergyplc.com/sites/thormining/media/aim-report/20190815-initial-copper-resource-estimate---moonta-project---rns---london-stock-exchange.pdf
(4)
https://thorenergyplc.com/investor-updates/molyhil-project-mineral-resource-estimate-updated/
(5)
www.thorenergyplc.com/sites/thormining/media/pdf/asx-announcements/20200129-mineral-resource-estimates---bonya-tungsten--copper.pdf
(6)
https://thorenergyplc.com/wp-content/uploads/2022/11/20221124-8M-Farm-in-Funding-Agreement.pdf
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