LONDON, UK: The Directors of Thor Mining announced a successful capital raise of A$2.65 million to fund exploration activities at the company’s project interests, with particular emphasis on the uranium exploration licences in Colorado and Utah in the United States.

Following this placement, including existing cash and listed investments, the Company’s total liquidity position is now circa A$4.0m (before costs of the capital raise).

The company will also seek shareholder approval to change the Company’s name to “Thor Energy Plc” at a General Meeting of shareholders expected to be held on 4 January 2023. The proposed name change is intended to reflect the Company’s greater focus on its uranium assets within its portfolio.

Nicole Galloway Warland, Managing Director of Thor Mining, commented: “These funds will allow Thor to advance its exploration activities at its uranium projects in the US and progress the exciting Ragged Range gold and nickel project.

“We are very pleased to receive the ongoing support from the Company’s existing shareholders and welcome the Company’s new investors to our share register, who recognise the significant potential of our portfolio.

“The proposed name change to ‘Thor Energy plc’ represents a shift in our focus towards our uranium assets, which we feel demonstrate the most significant value upside within our portfolio and longer-term benefits to the Company and its shareholders.”

The company has raised gross proceeds of A$2,650,000 via the placing of 378,571,429 Placing Shares at a price of A$0.007 per Placing Share.

Subject to shareholder approval, the placees are to receive three options for every four Placing Shares subscribed, exercisable at $0.009 expiring 2 years from issue, being a total of 283,928,583 options. The Shareholder Meeting to consider this matter is expected to occur in early January 2023. The Company will lodge a Notice of Meeting on or by 9 December 2022.

The Placing price represents a discount of 22% to the last ASX-traded price of A$0.009 on 24 November 2022 and a 23% discount to the VWAP of the last 15 days traded prior to that date. The Placing Shares being issued represent approximately 19% of the existing issued ordinary share capital of the Company prior to the Placing.

Subject to shareholder approval, the Company will also grant 94,642,858 options to DealAccess 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 placees, having an exercise price of $0.009 and expire two years from the issue date.

Thor intends to apply for the quotation of the Placement Options and the Broker Options, subject to meeting the ASX’s minimum listing requirements.