Thor Mining PLC EXERCISE OF WARRANTS (5860W)
15 November 2017 - 10:19PM
UK Regulatory
TIDMTHR
RNS Number : 5860W
Thor Mining PLC
15 November 2017
15 November 2017
THOR MINING PLC
EXERCISE OF WARRANTS
The Board of Thor Mining Plc ("Thor" or the "Company") (AIM,
ASX: THR), is pleased to advise that it has received binding
warrant exercise notices for the conversion of 20,749,484 warrants
at the exercise prices shown below, resulting in aggregate gross
proceeds being receivable by the Company of GBP256,745.
This brings the total gross proceeds from the exercise of
warrants and options since the beginning of November 2017 to
GBP750,284.
Number of warrants Exercise price Proceeds received
Exercised
------------------- --------------- ------------------
749,484 0.9 pence LIR6,745
20,000,000 1.25 pence LIR250,000
Settlement and dealings
Application will be made to the AIM Market of the London Stock
Exchange ("AIM") for 20,749,484 Thor ordinary shares of 0.01p each
("Ordinary Shares"), pursuant to the warrant exercise, 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 21 November 2017 ("Admission").
Mick Billing, Executive Chairman, commented:
"The money from warrant and option conversions, when added to
the funds raised during the recent placing (partially conditional
upon shareholder approval at the forthcoming AGM) has provided
additional funds in excess of GBP1.3million in recent weeks. This,
the directors believe, based on current planned activities, is
sufficient to fully fund the business through the remainder of 2017
and all of 2018."
"Financial self-sufficiency is vital, and Thor is now in a very
fortunate position. We would like to thank our shareholders for
their support in recent times. Shareholders commitment, and the
determination of the Thor team to push ahead aggressively, have
enabled us to reach the position where we can focus on
commercialisation of our key business interests and the search for
additional high impact Australian exploration opportunities
including certain opportunities in the Pilbara region."
As previously advised, costs incurred for review of the latter
high impact opportunities have been covered by Paul Johnson, a
director of Thor, through early exercise of GBP125,000 of director
options, leaving the bulk of our funds dedicated to
commercialisation activities of our core tungsten and copper
projects."
"We look forward to updating the market with developments from
across our business operations and in respect of new opportunities,
in the near term."
Total Voting Rights
For the purposes of the Financial Conduct Authority's Disclosure
Guidance and Transparency Rules ("DTRs"), following Admission, Thor
will have 515,851,505 Ordinary Shares in issue with voting rights
attached. Thor holds no shares in treasury. This figure of
515,851,505 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.
Subject to receiving shareholder approval at the forthcoming AGM
to complete the conditional placing announced on 20 October 2017,
and assuming that Thor issues no further Ordinary Shares in the
meantime, following the completion of the conditional placing, Thor
will have 557,002,819 Ordinary Shares in issue.
Enquiries:
Mick Billing +61 (8) 7324 Thor Mining Executive
1935 PLC Chairman
Ray Ridge +61 (8) 7324 Thor Mining CFO/Company
1935 PLC Secretary
Colin Aaronson/ +44 (0) 207 Grant Thornton Nominated
Daniel Bush/ 383 5100 UK LLP Adviser
Richard Tonthat
Elliot Hance +44 (0) 207382 Beaufort Securities Joint Broker
8300 Limited
Nick Emerson +44 (0) 1483 SI Capital Ltd Joint Broker
413 500
Tim Blythe/ Camilla +44 (0) 207 Blytheweigh Financial
Horsfall 138 3222 PR
Updates on the Company's activities are regularly posted on
Thor's website www.thormining.com, which includes a facility to
register to receive these updates by email, and on the Company's
twitter page @ThorMining.
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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