The Board of Thor Mining Plc (“Thor” or the “Company”) (AIM, ASX: THR), is pleased to advise that the Company will issue 14,527,205 ordinary shares of 0.01p each (“Ordinary Shares”), in satisfaction of the $550,000 purchase price for the interests in two tenements acquired from Rox Resources Limited.
On 24 September 2018, Thor announced ministerial approval had been received for Thor’s acquisition of interests in the tungsten, copper, and vanadium hosted Bonya tenements adjacent to the Molyhil mine project in the Northern Territory of Australia.
The price of AUD$0.03786 per Ordinary Share was calculated according to the contract terms as a simple average of the VWAP for the five trading days immediately preceding the execution of the term sheet and the VWAP for the five days immediately prior to completion of the all of the conditions precedent. The final condition precedent was satisfied by the ministerial approval of the transfer of the interests in the tenements.
The 14,527,205 Ordinary Shares will remain in a voluntary escrow until 27 December 2018.
Settlement and dealings
Application has been made to the AIM Market of the London Stock Exchange (“AIM”) for 14,527,205 Ordinary Shares, which rank pari passu with the Company’s existing issued Ordinary Shares, to be admitted to trading. Dealings on AIM are expected to commence at 8:00am on or around 5 October 2018 (“Admission”).
Total Voting Rights
For the purposes of the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules (“DTRs”), following Admission, Thor will have 667,885,727 Ordinary Shares in issue with voting rights attached. Thor holds no shares in treasury. This figure of 667,885,727 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.
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