Funds will be utilised for exploration at Ragged Range Gold-Nickel Project in the Pilbara Western Australia, Alford East in South Australia and uranium and vanadium projects in the US.
Artemis Resources Ltd (ASX:ARV) (OTCMKTS:ARTTF) has invested £150,000 into Thor Mining PLC’s (LON:THR) (ASX:THR) institutional placing to allow the acceleration of Thor’s gold, copper and uranium project interests.
So far, Thor has raised gross proceeds of £750,000 through the placing of 88,235,296, new ordinary shares of £0.01 each at a price of 0.85 pence per share.
Thor director Mark Potter is Artemis’ non-executive chairman and participation in the placing follows the company’s initial investment in Thor in 2020.
Along with Artemis’ investment, a London-based specialist resources investor will contribute £600,000.
West Pilbara neighbours
Thor’s Ragged Range Gold-Nickel Project is near ARV’s Carlow Castle Project in Western Australia’s West Pilbara region, which is around 45 kilometres east of Karratha.
Funds raised will be utilised for exploration activities at Ragged Range, copper evaluation at Alford East in South Australia, initial drilling of the uranium and vanadium projects in the USA and general working capital.
“Pleased with support”
Thor’s executive chairman Mick Billing said: “We are very pleased to have the support of a new London-based specialist resource investor who has expressed an interest in the Thor portfolio, and welcome the support from ASX-listed Artemis Resources, who are actively exploring and developing projects in the Pilbara region and recognise the potential of our Ragged Range Project.”
“We look towards a very active period during the first half of 2021, with drilling news flow expected from Ragged Range gold, Kapunda and Alford East copper projects, and also uranium and vanadium prospects in the United States.”
The placing price represents a discount of 5.6% to Thor’s closing price on Friday, January 15, 2021.
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