The directors of Thor Mining Plc (“Thor” or the “Company”) (AIM, ASX: THR) are pleased to advise that, further to the announcement of 14 July 2020 of the sale of the Spring Hill royalty entitlement, all conditions necessary for completion have been satisfied, and the transaction has now been completed.
On 14 July 2020, The Company announced the sale of its royalty entitlement in respect of the Spring Hill gold project to TRR Services Australia Pty Ltd (“TRR”), a 100% owned subsidiary of AIM quoted Trident Royalties Plc .
Mick Billing, Executive Chairman of Thor Mining, commented:
“We are very pleased to complete the sale of the Spring Hill royalty entitlement.”
“We have a very active period of field work scheduled at our Ragged Range, and US uranium/vanadium projects, and the funds received from the sale of this royalty will be applied against those programs.”
The terms of the sale provide for immediate payment of A$50,000, which was received in July on signing, followed by a further payment of A$350,000 upon completion, which has now been received.
Two additional payments, each of A$300,000 are then due on production milestones from Spring Hill. In the event that TRR elects to satisfy any further tranche payments with new shares in Trident, the number of new shares to be issued shall be calculated at the volume weighted average price for the five trading days immediately prior to the date of the election and converted at the prevailing exchange rate.
Thor hold a residual entitlement to ownership of the licences, subject to the royalty agreement, in the event that the owner, PC Gold Pty Ltd, relinquishes ownership, and this entitlement will remain with Thor.
A director of Thor, Mark Potter, is also a director of Trident Royalties Plc. Mr Potter has not participated in any decisions in respect of this transaction.
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.
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