TIDMTHR
RNS Number : 6818K
Thor Mining PLC
12 April 2018
12 April 2018
THOR MINING PLC
CDI SALE FACILITY FOR HOLDINGS OF LESS THAN A MARKETABLE PARCEL
ON ASX
Thor Mining Plc ("Thor" or the "Company)" is pleased to announce
a CHESS Depositary Interest ("CDI") Sale Facility for holders of
less than a marketable parcel of CDIs in the Company
("Facility").
The Facility is only applicable to Thor Shareholders holding
CDIs quoted on the Australian Securities Exchange (ASX). Under ASX
Listing Rules, a process exists which allows listed entities to
provide holders of parcels of securities valued at below A$500 the
opportunity to sell those holdings without incurring brokerage or
other transaction fees.
The Company is providing the Facility so that holders of less
than a marketable parcel can sell their CDIs without incurring any
brokerage or handling costs that could otherwise make a sale of
their CDIs uneconomic and/or difficult. The Company will endeavour
to obtain the highest available price for the CDIs and will
organise remittance of sale proceeds for those CDI holders who
participate in the Facility.
By making this Facility available, the Company also expects to
reduce the administrative costs associated with maintaining a large
number of small holdings.
The ASX Listing Rules defines a "Marketable Parcel" as those
holdings of CDIs with a market value of $500 or more. As at market
close on the 11 April 2018 ("Record Date") a parcel of CDIs in the
Company is less than a Marketable Parcel for any CDI holding of
11,627 or less, based on the closing price of $0.043 per CDI.
As at the Record Date, the Company has approximately 3,036 CDI
holders, of which approximately 2,551 hold Less Than a Marketable
Parcel of CDIs comprising 3,732,834 CDIs in aggregate or 2.64% of
all issued CDIs.
Holders of Unmarketable Parcels can either:
1. Retain their CDI holding by:
a. Signing and returning a Notice of Retention of CDIs Form
accompanying the letter to CDI holders by 1 June 2018 ("Closing
Date"). This will ensure non-participation in the Facility and
their CDI holding will remain unchanged;
b. If they have multiple holdings, consolidate these under a
single holding such that the combined CDI holding at the Closing
Date is greater than $500; or
c. Purchasing additional CDIs under the same holding such that
their CDI holding at the Closing Date is greater than $500.
Or
2. Sell their CDI holding by:
No further action is necessary. If their CDI holding at the
Closing Date is less than $500, their CDIs will be sold and the
proceeds sent to them.
Mick Billing, Executive Chairman, commented:
"This is an opportunity for holders of small parcels of Thor
securities to either retain their holding or sell without incurring
transaction fees."
"We expect that costs associated with maintaining a relatively
large register of CDIs in Australia will reduce substantially".
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
Richard Tonthat 383 5100 UK LLP Adviser
Nick Emerson +44 (0) 1483 SI Capital Ltd Broker
413 500
Tim Blythe/ Camilla +44 (0) 207 Blytheweigh Financial
Horsfall 138 3222 PR
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.
About Thor Mining PLC
Thor Mining PLC (AIM, ASX: THR) is a resources company quoted on
the AIM Market of the London Stock Exchange and on ASX in
Australia.
Thor holds 100% of the advanced Molyhil tungsten project in the
Northern Territory of Australia, for which an updated feasibility
study in 2015(1) suggested attractive returns.
Thor also holds 100% of the Pilot Mountain tungsten project in
Nevada USA which has a JORC 2012 Indicated and Inferred Resources
Estimate(2) on 2 of the 4 known deposits.
Thor is also acquiring up to a 60% interest Australian copper
development company Environmental Copper Recovery SA Pty Ltd, which
in turn holds rights to earn up to a 75% interest in the mineral
rights and claims over the portion of the historic Kapunda copper
mine in South Australia recoverable by way of in situ recovery.
Thor has a material interest in US Lithium Pty Limited, an
Australian private company with a 100% interest in a Lithium
project in Nevada, USA.
Finally, Thor also holds a production royalty entitlement from
the Spring Hill Gold project(3) of:
-- A$6 per ounce of gold produced from the Spring Hill tenements
where the gold produced is sold for up to A$1,500 per ounce;
and
-- A$14 per ounce of gold produced from the Spring Hill
tenements where the gold produced is sold for amounts over A$1,500
per ounce.
Notes
-- (1) Refer ASX and AIM announcement of 12 January 2015
-- (2) Refer AIM announcement of 22 May 2017 and ASX
announcement of 23 May 2017
-- (3) Refer AIM announcement of 26 February 2016 and ASX
announcement of 29 February 2016
This information is provided by RNS
The company news service from the London Stock Exchange
END
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