Thor Mining (THR) raises $2.75 million to fund exploration activities focusing on its Ragged Range gold and nickel prospects in the Pilbara.
With the placement complete, the company will issue 220 million new ordinary shares to investors at 1.25 cents each, representing a discount of 17 per cent from the previous closing price.
Investors will receive two options for every three shares issued. One option will be exercisable at 1.5 cents for a period of 12 months, while the other will be exercisable at 2 cents for a period of 24 months from issue.
All new shares will rank equally with those already on issue, with admission to the ASX expected to occur on or around December 21, 2021.
According to this morning’s announcement, the proceeds will be used for exploration work at Ragged Range, as well as for drilling at the Wedding Bell uranium and vanadium project in the United States.
“These funds will allow Thor to maintain its intensive exploration programs at our exciting Ragged Range gold and nickel project, including follow up RC drilling and regional exploration, as well as exploration drilling at Wedding Bell Uranium-Vanadium Project, USA and Molyhil tungsten-molybdenum-copper Project, NT,” Managing Director Nicole Galloway Warland said.
“We are very pleased to have ongoing support from the company’s existing shareholders, and welcome new shareholders to our share register, who recognise the significant potential of our diverse commodity portfolio.”
Shares were down 6.7 per cent trading at 1.4 cents at 11.55 am AEDT.
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