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 3 August 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 approved at a general meeting of Hawkstone shareholders on that date.
A copy of the announcement by Hawkstone may be accessed via the following link:
As previously advised the now approved issue of consideration shares for the acquisition is:
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.
The acquisition is subject to a number of other completion conditions including a capital raising by Hawkstone of $2,750,000.
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.
The Company notes a further announcement on ASX of 3 August 2018 by Hawkstone reporting encouraging visual results from an initial drilling program at the Big Sandy deposit, which may also be found on the following link:
Further announcements on this investment will be made as news becomes available.
All information is provided on an as-is basis. Where we allow Bloggers to publish articles on our platform please note these are not our opinions or views and we have no affiliation with the companies mentioned