Further to previous announcements on this subject, and with particular reference to those of 29 March 2018, 15 June 2018, and 26 June 2018, the Board of Thor Mining Plc (“Thor” or the “Company”) (AIM, ASX: THR), is pleased to provide the following update on the disposal of the Company’s interest in USA Lithium Pty Ltd (“USA Lithium”).
The Company notes an announcement on ASX of 7 September 2018 by Hawkstone Mining Limited (“Hawkstone”) (ASX: HWK) that the restructured, conditional agreement for the acquisition of 100% of the shares of USA Lithium has been completed.
A copy of the announcement by Hawkstone may be accessed via the following link:
As previously advised, Hawkstone has approved the following issues of ordinary shares as consideration:
1. Initial consideration shares – 125,000,000 Ordinary Shares on completion;
2. Deferred consideration shares – 125,000,000 Ordinary Shares; subject to
a. Buyer within 36 months from completion, declaring an inferred resource at the Big Sandy Lithium Project of not less than 30 million tonnes at a grade greater than 2,000ppm Lithium (Li) (or equivalent, subject to a minimum average grade of 1,000ppm Li); and
b. ASX granting a waiver from Listing Rule 7.3.2 for the issue of the Deferred shares (since granted by ASX)
Thor expects to be issued 7,812,500 shares in Hawkstone representing its portion of the initial consideration shares.
Pursuant to the original acquisition agreement to acquire the interest in USA Lithium from Pembridge Resources plc (LON: PERE), Thor is required to return 5% of disposal proceeds to Pembridge.
At end of trading on ASX today, Hawkstone shares closed at A$0.027 per share.
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