LAGOS, Nigeria, April 30, 2020 /CNW Telbec/ - AFC Equity
Investments Limited, Mauritius
("AFC Equity") a wholly-owned subsidiary of Africa Finance
Corporation, a multilateral development finance institution,
announced today that it has completed a subscription for 28,215,750
common shares of Thor Explorations Ltd. (TSX-V: THX) (the
"Issuer") by way of a private placement (the "Private
Placement") at a price of CA$0.20 per common share, for an
aggregate subscription amount of CA$5,643,150. AFC Equity also
acquired 33,329,480 common shares issued by the Issuer as
consideration for the risks taken by Africa Finance Corporation in
providing a term loan facility in the amount of USD54,000,000 to a subsidiary of the Issuer
pursuant to a senior secured facility agreement dated as of
April 15, 2020 for the development of
the Issuer's Segilola mine project (the "Bonus Share
Acquisition").
Following the Private Placement and the Bonus Share Acquisition,
AFC Equity owns 106,358,480 common shares of the Issuer,
representing approximately 19.5% of the issued and outstanding
common shares of the Issuer. Prior to the Private Placement and
Bonus Share Acquisition, AFC Equity owned 44,813,250 common shares
of the Issuer, representing approximately 9.97% of the issued and
outstanding common shares of the Issuer.
AFC Equity acquired the common shares of the Issuer for
investment purposes. It may, in accordance with applicable
securities laws, increase or decrease its investment by future
acquisitions or dispositions of common shares or other equity, debt
or other securities of the Issuer in the open market, through
private agreement or treasury issuances or otherwise, depending on
market conditions, the business and prospects of the Issuer and
other relevant factors. Notwithstanding the foregoing, pursuant to
a relationship agreement entered into between AFC Equity, the
Issuer and a subsidiary of the Issuer, until June 4, 2021, AFC Equity shall not, without the
prior written consent of the Issuer, acquire securities of the
Issuer from a third party seller if such acquisition would result
in AFC Equity holding in the aggregate 20% or more of the
outstanding securities of that class of securities of the Issuer at
the date of the acquisition unless AFC Equity has the prior written
consent of the Issuer and subject to certain situations where a
third party would become a new "control person" of the Issuer
(within the meaning of Canadian securities laws) or a transaction
involving all or substantially all of the assets of the Issuer.
The head office of the Issuer is located at 1010 – 1075 West
Georgia Street, Vancouver, British
Columbia, Canada, V6E 3C9.
This news release is issued in accordance with the early warning
requirements under applicable Canadian securities laws. An early
warning report relating to the Private Placement and the Bonus
Share Acquisition will be filed by AFC Equity with applicable
securities regulators and will be available for viewing under the
Issuer's SEDAR profile at www.sedar.com. A copy of the early
warning report may be obtained by contacting
afcequityinvestments@africafc.org /
thorgold@africafc.org at the contact information provided
below.
SOURCE AFC Equity Investments Limited