NEWS
RELEASE
NOT FOR
DISSEMINATION IN THE UNITED STATES OR FOR
DISTRIBUTION TO U.S. WIRE SERVICES
Thor
Explorations Ltd / TSXV & AIM: THX / Sector: Mining
FOR
IMMEDIATE RELEASE
TSXV/AIM: THX
January 21, 2025
Vancouver, British Columbia
EXERCISE OF SHARE OPTIONS AND
DIRECTOR DEALINGS
Thor Explorations Ltd. (TSXV/AIM:
THX) ("Thor Explorations" or the "Company") announces the exercise
of share options ("Options") for a total of 5,400,000 common shares
without par value at a price of 20 Canadian cents per common share
in the share capital of the Company. The Options have been
exercised by Directors, Persons Discharging Managerial
Responsibilities ("PDMR") and other contractors per the table
below, for an aggregate cash consideration of
C$1,080,000.
In addition to the 5,400,000 common
shares issued for cash, 2,742,758 common shares were issued to
Directors and PDMRs of the Company at 20 Canadian
cents each on a net settlement basis as permitted under the Rules
of the Company's Omnibus Equity Incentive Plan
2022.
Application has been made for
8,142,758 shares (the "New Shares") to be admitted to trading on
AIM ("Admission") on January 24, 2025. The New Shares will also
trade on the TSX Venture Exchange and rank pari passu to existing
shares.
Following the Admission, Thor
Explorations' issued share capital will consist of 664,244,710
common shares and the Directors and PDMRs will hold a 12.06%
interest in the Company. The Company does not hold any shares in
treasury. Shareholders may use this figure 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.
Details of Director or PDMR
exercising options:
|
Director or PDMR name
|
Position
|
Number of options
exercised
|
Number of shares
received
|
|
Segun Lawson
|
CEO & President
|
4,500,000
|
2,501,360
|
|
Rebus Financial Consulting
Ltd*
|
-
|
2,500,000
|
1,894,352
|
|
Adrian Coates
|
Non-Executive Chairman
|
1,500,000
|
356,930
|
|
Kayode Aderinokun
|
Non-Executive Director
|
1,000,000
|
1,000,000
|
|
Collin Ellison
|
Non-Executive Director
|
1,000,000
|
1,000,000
|
|
Julian Barnes
|
Non-Executive Director
|
1,000,000
|
394,352
|
|
Alfred Gilman
|
Group Exploration Manager
|
750,000
|
295,764
|
|
Other contractors
|
|
700,000
|
700,000
|
|
TOTAL
|
|
12,950,000
|
8,142,758
|
*Mr James Philip, COO is the
beneficial owner of Rebus Financial Consulting Ltd.
Following these transactions the
following Directors will hold in excess of a 3% interest in Common
Shares in the Company :
|
Director or PDMR name
|
Number Common
Shares
|
% interest
|
|
Segun Lawson
|
31,618,905
|
4.76%
|
|
Folorunso Adeoye
|
22,349,721
|
3.36%
|
|
Kayode Aderinokun
|
22,203,007
|
3.34%
|
|
|
|
| |
About Thor Explorations
Thor Explorations Ltd. is a mineral
exploration company engaged in the acquisition, exploration and
development of mineral properties located in Nigeria, Senegal and
Burkina Faso. Thor Explorations holds a 100% interest in the
Segilola Gold Project located in Osun State of Nigeria and has a
70% economic interest in the Douta Gold Project located in
south-eastern Senegal. Thor Explorations trades on AIM and the TSX
Venture Exchange under the symbol "THX".
For
further information please contact:
Thor Explorations Ltd
Email: info@thorexpl.com
Canaccord Genuity (Nominated Adviser
& Broker)
Henry Fitzgerald-O'Connor / James
Asensio / Harry Rees
Tel: +44 (0)
20 7523 8000
Hannam & Partners
(Broker)
Andrew Chubb / Matt Hasson / Jay
Ashfield / Franck Nganou
Tel: +44 (0) 20 7907 8500
Ibu Lawson (Investor
Relations)
Tel: +447909825446
Email:
ibu.lawson@thorexpl.com
BlytheRay (Financial
PR)
Tim Blythe / Megan Ray / Said
Izagaren
Tel: +44 207 138 3204
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This press release does not
constitute an offer to purchase securities. The securities to be
offered in the offering have not been and will not be registered
under the United States Securities Act of 1933, as amended, or any
state securities laws and may not be offered or sold in the United
States or to, or for the benefit or account of, a U.S. person,
except pursuant to an available exemption from such registration
requirements.
The
following disclosures are made in accordance with Article 19 of the
UK Market Abuse Regulation 596/2014 as it forms part of UK
law.
|
1.
|
Details of the person discharging managerial responsibilities
/ person closely associated
|
|
a)
|
Name
|
Segun Lawson
|
|
2.
|
Reason for the
notification
|
|
a)
|
Position / status
|
CEO &
President
|
|
b)
|
Initial notification /
amendment
|
Initial notification
|
|
3.
|
Details of the issuer , emission allowance market
participant, auction platform, auctioneer or auction
monitor
|
|
a)
|
Name
|
Thor Explorations Ltd
|
|
b)
|
LEI
|
213800AXZ8468CQYVT76
|
|
4.
|
Details of the transaction(s): section to be repeated for (i)
each type of instrument; (ii) each type of transaction; (iii) each
date; and (iv) each place where transactions have been
conducted
|
|
a)
|
Description of the financial
instrument, type of instrument
Identification Code
|
Common Shares of no par
value
|
|
b)
|
Nature of the
transaction(s)
|
Acquisition of common shares via
exercise of options
|
|
c)
|
Price(s) and volume(s)
|
(1) Exercise of options (cash
and stock settled)
|
Price(s)
|
Volume(s)
|
|
20 cents
|
4,500,000
|
(2) Shares to be
received
|
Price(s)
|
Volume(s)
|
|
N/A
|
2,501,360
|
|
|
d)
|
Aggregated information
- Aggregated
volume
- Price
|
Option exercise as above
|
|
e)
|
Date of the transaction
|
January 16, 2025
|
|
f)
|
Place of the transaction
|
Outside a trading
venue
|
|
1.
|
Details of the person discharging managerial responsibilities
/ person closely associated
|
|
a)
|
Name
|
Rebus Financial Consulting
Ltd*
|
|
2.
|
Reason for the
notification
|
|
a)
|
Position / status
|
*Mr James
Philip, COO is the beneficial owner of Rebus Financial Consulting
Ltd.
|
|
b)
|
Initial notification /
amendment
|
Initial notification
|
|
3.
|
Details of the issuer , emission allowance market
participant, auction platform, auctioneer or auction
monitor
|
|
a)
|
Name
|
Thor Explorations Ltd
|
|
b)
|
LEI
|
213800AXZ8468CQYVT76
|
|
4.
|
Details of the transaction(s): section to be repeated for (i)
each type of instrument; (ii) each type of transaction; (iii) each
date; and (iv) each place where transactions have been
conducted
|
|
a)
|
Description of the financial
instrument, type of instrument
Identification Code
|
Common Shares of no par
value
|
|
b)
|
Nature of the
transaction(s)
|
Acquisition of common shares via
exercise of options
|
|
c)
|
Price(s) and volume(s)
|
(1) Exercise of options (cash
and stock settled)
|
Price(s)
|
Volume(s)
|
|
20 cents
|
2,500,000
|
(2) Shares to be
received
|
Price(s)
|
Volume(s)
|
|
N/A
|
1,894,352
|
|
|
d)
|
Aggregated information
- Aggregated
volume
- Price
|
Option exercise as above
|
|
e)
|
Date of the transaction
|
January 16, 2025
|
|
f)
|
Place of the transaction
|
Outside a trading
venue
|
|
1.
|
Details of the person discharging managerial responsibilities
/ person closely associated
|
|
a)
|
Name
|
Adrian Coates
|
|
2.
|
Reason for the
notification
|
|
a)
|
Position / status
|
Non-Executive Director
|
|
b)
|
Initial notification /
amendment
|
Initial notification
|
|
3.
|
Details of the issuer , emission allowance market
participant, auction platform, auctioneer or auction
monitor
|
|
a)
|
Name
|
Thor Explorations Ltd
|
|
b)
|
LEI
|
213800AXZ8468CQYVT76
|
|
4.
|
Details of the transaction(s): section to be repeated for (i)
each type of instrument; (ii) each type of transaction; (iii) each
date; and (iv) each place where transactions have been
conducted
|
|
a)
|
Description of the financial
instrument, type of instrument
Identification Code
|
Common Shares of no par
value
|
|
b)
|
Nature of the
transaction(s)
|
Acquisition of common shares via
exercise of options
|
|
c)
|
Price(s) and volume(s)
|
(1) Exercise of options (cash
and stock settled)
|
Price(s)
|
Volume(s)
|
|
20 cents
|
1,500,000
|
(2) Shares to be received (net
of tax liability)
|
Price(s)
|
Volume(s)
|
|
N/A
|
356,930
|
|
|
d)
|
Aggregated information
- Aggregated
volume
- Price
|
Option exercise as
above
|
|
e)
|
Date of the transaction
|
January 16, 2025
|
|
f)
|
Place of the transaction
|
Outside a trading
venue
|
|
1.
|
Details of the person discharging managerial responsibilities
/ person closely associated
|
|
a)
|
Name
|
Kayode Aderinokun
|
|
2.
|
Reason for the
notification
|
|
a)
|
Position / status
|
Non-Executive Director
|
|
b)
|
Initial notification /
amendment
|
Initial notification
|
|
3.
|
Details of the issuer , emission allowance market
participant, auction platform, auctioneer or auction
monitor
|
|
a)
|
Name
|
Thor Explorations Ltd
|
|
b)
|
LEI
|
213800AXZ8468CQYVT76
|
|
4.
|
Details of the transaction(s): section to be repeated for (i)
each type of instrument; (ii) each type of transaction; (iii) each
date; and (iv) each place where transactions have been
conducted
|
|
a)
|
Description of the financial
instrument, type of instrument
Identification Code
|
Common Shares of no par
value
|
|
b)
|
Nature of the
transaction(s)
|
Acquisition of common shares via
exercise of options
|
|
c)
|
Price(s) and volume(s)
|
(1) Exercise of options (cash
settled)
|
Price(s)
|
Volume(s)
|
|
20 cents
|
1,000,000
|
(2) Shares to be
received
|
Price(s)
|
Volume(s)
|
|
N/A
|
1,000,000
|
|
|
d)
|
Aggregated information
- Aggregated
volume
- Price
|
Option exercise as above
|
|
e)
|
Date of the transaction
|
January 16, 2025
|
|
f)
|
Place of the transaction
|
Outside a trading
venue
|
|
1.
|
Details of the person discharging managerial responsibilities
/ person closely associated
|
|
a)
|
Name
|
Collin
Ellison
|
|
2.
|
Reason for the
notification
|
|
a)
|
Position / status
|
Non-Executive Director
|
|
b)
|
Initial notification /
amendment
|
Initial notification
|
|
3.
|
Details of the issuer , emission allowance market
participant, auction platform, auctioneer or auction
monitor
|
|
a)
|
Name
|
Thor Explorations Ltd
|
|
b)
|
LEI
|
213800AXZ8468CQYVT76
|
|
4.
|
Details of the transaction(s): section to be repeated for (i)
each type of instrument; (ii) each type of transaction; (iii) each
date; and (iv) each place where transactions have been
conducted
|
|
a)
|
Description of the financial
instrument, type of instrument
Identification Code
|
Common Shares of no par
value
|
|
b)
|
Nature of the
transaction(s)
|
Acquisition of common shares via
exercise of options
|
|
c)
|
Price(s) and volume(s)
|
(1) Exercise of options (cash
settled)
|
Price(s)
|
Volume(s)
|
|
20 cents
|
1,000,000
|
(2) Shares to be
received
|
Price(s)
|
Volume(s)
|
|
N/A
|
1,000,000
|
|
|
d)
|
Aggregated information
- Aggregated
volume
- Price
|
Option exercise as above
|
|
e)
|
Date of the transaction
|
January 16, 2025
|
|
f)
|
Place of the transaction
|
Outside a trading
venue
|
|
1.
|
Details of the person discharging managerial responsibilities
/ person closely associated
|
|
a)
|
Name
|
Julian Barnes
|
|
2.
|
Reason for the
notification
|
|
a)
|
Position / status
|
Non-Executive Director
|
|
b)
|
Initial notification /
amendment
|
Initial notification
|
|
3.
|
Details of the issuer , emission allowance market
participant, auction platform, auctioneer or auction
monitor
|
|
a)
|
Name
|
Thor Explorations Ltd
|
|
b)
|
LEI
|
213800AXZ8468CQYVT76
|
|
4.
|
Details of the transaction(s): section to be repeated for (i)
each type of instrument; (ii) each type of transaction; (iii) each
date; and (iv) each place where transactions have been
conducted
|
|
a)
|
Description of the financial
instrument, type of instrument
Identification Code
|
Common Shares of no par
value
|
|
b)
|
Nature of the
transaction(s)
|
Acquisition of common shares via
exercise of options
|
|
c)
|
Price(s) and volume(s)
|
(1) Exercise of options (stock
settled)
|
Price(s)
|
Volume(s)
|
|
20 cents
|
1,000,000
|
(2) Shares to be received (net
of tax liability)
|
Price(s)
|
Volume(s)
|
|
N/A
|
394,352
|
|
|
d)
|
Aggregated information
- Aggregated
volume
- Price
|
Option exercise as above
|
|
e)
|
Date of the transaction
|
January 16, 2025
|
|
f)
|
Place of the transaction
|
Outside a trading
venue
|
|
1.
|
Details of the person discharging managerial responsibilities
/ person closely associated
|
|
a)
|
Name
|
Alfred Gilman
|
|
2.
|
Reason for the
notification
|
|
a)
|
Position / status
|
Group
Exploration Manager
|
|
b)
|
Initial notification /
amendment
|
Initial notification
|
|
3.
|
Details of the issuer , emission allowance market
participant, auction platform, auctioneer or auction
monitor
|
|
a)
|
Name
|
Thor Explorations Ltd
|
|
b)
|
LEI
|
213800AXZ8468CQYVT76
|
|
4.
|
Details of the transaction(s): section to be repeated for (i)
each type of instrument; (ii) each type of transaction; (iii) each
date; and (iv) each place where transactions have been
conducted
|
|
a)
|
Description of the financial
instrument, type of instrument
Identification Code
|
Common Shares of no par
value
|
|
b)
|
Nature of the
transaction(s)
|
Acquisition of common shares via
exercise of options
|
|
c)
|
Price(s) and volume(s)
|
(1) Exercise of options (stock
settled)
|
Price(s)
|
Volume(s)
|
|
20 cents
|
750,000
|
(2) Shares to be
received
|
Price(s)
|
Volume(s)
|
|
N/A
|
295,764
|
|
|
d)
|
Aggregated information
- Aggregated
volume
- Price
|
Option exercise as above
|
|
e)
|
Date of the transaction
|
January 16, 2025
|
|
f)
|
Place of the transaction
|
Outside a trading
venue
|