Last checked at 7 Jul 2020 12:29
7 July 2020
THOR MINING PLC
RESULTS OF GENERAL MEETING
ISSUE OF EQUITY
The directors of Thor Mining Plc ("Thor" or "the Company") (AIM, ASX: THR) announce that at the General Meeting held earlier today, all resolutions were passed.
Proxy results for all resolutions were as follows:
Resolution | For | Against | Discretion of the Chairman | Withheld |
1 | 205,239,759 | 5,007,714 | 35,032 | 1,831,498 |
2 | 201,261,022 | 14,386,491 | 35,032 | 2,150,926 |
3 | 198,581,640 | 4,987,514 | 35,032 | 2,559,285 |
4 | 210,039,865 | 4,991,514 | 35,032 | 2,767,060 |
5 | 103,359,003 | 16,280,713 | 35,032 | 98,158,723 |
6 | 156,556,088 | 15,075,187 | 35,032 | 46,167,164 |
7 | 208,939,939 | 6,613,789 | 35,032 | 2,244,711 |
8 | 209,687,582 | 5,866,146 | 35,032 | 2,244,711 |
9 | 211,865,618 | 4,472,516 | 35,032 | 1,460,305 |
10 | 212,406,816 | 4,468,516 | 35,032 | 923,107 |
11 | 211,427,794 | 4,115,788 | 35,032 | 2,254,857 |
12 | 156,033,890 | 14,981,251 | 35,032 | 46,783,298 |
13 | 144,075,649 | 26,714,000 | 35,032 | 47,008,790 |
ISSUE OF EQUITY
As a result of the passage of resolutions 4 to 8 inclusive, the Company will issue 54,000,000 Thor ordinary shares of 0.01p each ("Ordinary Shares") and 132,000,000 ASX listed warrants to complete the placing announced on 1 June 2020, comprising:
· 70,000,000 ASX listed warrants on the basis of one warrant for every two Ordinary Shares issued on 5 June 2020;
· 54,000,000 Ordinary Shares at A$0.005 (5 cents) per Ordinary Share, together with 27,000,000 ASX listed warrants on the basis of one warrant for every two Ordinary Shares subscribed, being 50,000,000 Ordinary Shares and 25,000,000 warrants to Metal Tiger Plc, 2,000,000 Ordinary Shares and 1,000,000 warrants to Mick Billing, and 2,000,000 Ordinary Shares and 1,000,000 warrants to Richard Bradey; and
· 35,000,000 ASX listed warrants to Pac Partners Securities Pty Ltd as part consideration for services provided as broker to the placing.
In addition, the Company will issue 3,174,604 Ordinary Shares comprising 1,587,302 Ordinary Shares to each of Messrs Billing and Potter at A$0.0063 per Ordinary Share, in lieu of cash payment for 50% of their Directors' fees owing for the period 1 January to 30 June 2020.
Finally, the Company will grant 24,000,000 unlisted warrants, being 8,000,000 warrants to each of Messrs Billing, Potter and Bradey.
Application has been made for the admission of the 57,174,604 Ordinary Shares to trading on AIM with admission expected to take place on 8 July 2020.
Following the issue of the 57,174,604 Ordinary Shares, Thor will have 1,282,171,467 Ordinary Shares in issue.
Following the issue Ordinary Shares and warrants to Directors, each Director will hold:
Director | Existing Shares held | Participation in the placing | Shares in lieu of cash Directors fees | Resultant Shares held | Existing Options held | Participation in the placing | Director Options | Resultant Options held | |
Michael Billing | 45,407,423 | 2,000,000 | 1,587,302 | 48,994,725 | 3.82% | 4,500,000 | 1,000,000 | 8,000,000 | 13,500,000 |
Richard Bradey | 31,792 | 2,000,000 | - | 2,031,792 | 0.16% | 8,000,000 | 1,000,000 | 8,000,000 | 17,000,000 |
Mark Potter | - | - | 1,587,302 | 1,587,302 | 0.12% | - | - | 8,000,000 | 8,000,000 |
TOTAL VOTING RIGHTS
For the purposes of the Financial Conduct Authority's Disclosure Guidance and Transparency Rules ("DTRs"), following Admission, Thor will have 1,282,171,467 Ordinary Shares in issue with voting rights attached. Thor holds no shares in treasury. This figure of 1,282,171,467 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 information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Enquiries:
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Updates on the Company's activities are regularly posted on Thor's website www.thormining.com, which includes a facility to register to receive these updates by email, and on the Company's twitter page @ThorMining.
About Thor Mining PLC
Thor Mining PLC (AIM, ASX: THR) is a resources company quoted on the AIM Market of the London Stock Exchange and on ASX in Australia.
Thor holds 100% of the advanced Molyhil tungsten project in the Northern Territory of Australia, for which an updated feasibility study in August 2018¹ suggested attractive returns.
Adjacent Molyhil, at Bonya, Thor holds a 40% interest in deposits of tungsten, copper, and vanadium, including Inferred Resource estimates for the White Violet and Samarkand tungsten deposits and the Bonya copper deposit².
Thor also holds 100% of the Pilot Mountain tungsten project in Nevada USA which has a JORC 2012 Indicated and Inferred Resources Estimate³ on 2 of the 4 known deposits. The US Department of the Interior has confirmed that tungsten, the primary resource mineral at Pilot Mountain, has been included in the final list of Critical Minerals 2018.
Thor holds a 25% interest Australian copper development company EnviroCopper Limited (with rights to increase its interest to 30%). EnviroCopper Limited holds:
· rights to earn up to a 75% interest in the mineral rights and claims over the resource⁴ on the portion of the historic Kapunda copper mine in South Australia considered recoverable by way of in situ recovery; and
· rights to earn up to 75% of the Moonta copper project, also in South Australia comprising the northern portion of exploration licence EL5984 and includes a resource estimate⁵ for several deposits considered recoverable by way of in situ recovery.
Thor also holds a production royalty entitlement from the Spring Hill Gold project⁶ of:
· A$5.70 per ounce of gold produced from the Spring Hill tenements where the gold produced is sold for up to A$1,500 per ounce; and
· A$13.30 per ounce of gold produced from the Spring Hill tenements where the gold produced is sold for amounts over A$1,500 per ounce.
Notes
¹ Refer ASX and AIM announcement of 23 August 2018
² Refer ASX and AIM announcements of 26 November 2018 and 29 January 2020
³ Refer AIM announcement of 13 December 2018 and ASX announcement of 14 December 2018
⁴ Refer AIM announcement of 10 February 2018 and ASX announcement of 12 February 2018
⁵ Refer ASX and AIM announcement of 15 August 2019
⁶ Refer AIM announcement of 26 February 2016 and ASX announcement of 29 February 2016