Thor Mining PLC Completion of CDI Sale Facility (7605Q)
08 June 2018 - 5:03PM
UK Regulatory
TIDMTHR
RNS Number : 7605Q
Thor Mining PLC
08 June 2018
8 June 2018
THOR MINING PLC
("Thor" or the "Company")
COMPLETION OF CDI SALE FACILITY FOR HOLDINGS
OF LESS THAN A MARKETABLE PARCEL
DIRECTORS' PARTICIPATION IN THE ACQUISITION
Thor Mining Plc today announced on the Australian Securities
Exchange ("ASX") the closure, on Friday 1 June 2018, of the CHESS
Depositary Interest ("CDI") Sale Facility for holders of less than
a marketable parcel of CDIs in the Company ("Facility"). The ASX
Listing Rules defines a "Marketable Parcel" as those holdings of
CDIs with a market value of $500 or more.
On 12 April 2018, the Company announced the Facility for
shareholders who owned less than $500 value of CDIs. The Company
provided 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 also expects to reduce the
administrative costs associated with maintaining a large number of
small holdings.
As at market close on the 11 April 2018 ("Record Date") a parcel
of CDIs in the Company was less than a Marketable Parcel for any
CDI holding of 11,627 CDIs or less, based on the closing price of
$0.043 per CDI.
As at the Record Date, the Company had 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 ("Sale CDIs")
or 2.64% of all issued CDIs.
The Facility closed on Friday 1 June 2018, and Thor is now in
the process of finalising the sale of the 3,142,181 Sale CDIs that
were not retained. The Sale CDIs will be sold off-market to
sophisticated investors, together with three of Thor's Directors
who have agreed to acquire the Sale CDIs at a price of $0.04 per
share, being the closing price of Thor's CDI's on 7 June 2018. The
number of CDIs to be purchased by the Directors is as follows:
Mr Mick Billing 1,142,181
Mr Alastair Middleton 250,000
Mr Dave Thomas 250,000
The Company's other two Directors did not participate in order
to maintain a quorum of independent Directors. Appropriate Change
of Interest Notifications (Appendix 3Y) for these Directors will be
released to the market once the sale is complete.
The proceeds will be distributed to shareholders who
participated in the Facility, with cheques expected to be
despatched on or before 25 June 2018.
Mick Billing, Executive Chairman, commented:
"This Facility provided 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
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
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END
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