TIDMTHR
RNS Number : 9668W
Thor Mining PLC
06 August 2018
6 August 2018
THOR MINING PLC
US Lithium Investment
Update on Sale Process and Preliminary Drilling Outcomes
Further to previous announcements on this subject, and with
particular reference to those of 29 March 2018, 15 June 2018, and
26 June 2018, the Board of Thor Mining Plc ("Thor" or the
"Company") (AIM, ASX: THR), is pleased to provide the following
update on the disposal of the Company's interest in USA Lithium Pty
Ltd ("USA Lithium").
The Company notes an announcement on ASX of 3 August 2018 by
Hawkstone Mining Limited ("Hawkstone") (ASX: HWK) that the
restructured, conditional agreement for the acquisition of 100% of
the shares of USA Lithium has been approved at a general meeting of
Hawkstone shareholders on that date.
A copy of the announcement by Hawkstone may be accessed via the
following link:
https://www.asx.com.au/asxpdf/20180803/pdf/43x251vyh2q6r0.pdf
As previously advised the now approved issue of consideration
shares for the acquisition is:
1. Initial consideration shares - 125,000,000 Ordinary Shares on completion;
2. Deferred consideration shares - 125,000,000 Ordinary Shares; subject to
a. Buyer within 36 months from completion, declaring an inferred
resource at the Big Sandy Lithium Project of not less than 30
million tonnes at a grade greater than 2,000ppm Lithium (Li) (or
equivalent, subject to a minimum average grade of 1,000ppm Li);
and
b. ASX granting a waiver from Listing Rule 7.3.2 for the issue
of the Deferred shares (since granted by ASX)
Thor expects to be issued 7,812,500 shares in Hawkstone
representing its portion of the initial consideration shares.
The acquisition is subject to a number of other completion
conditions including a capital raising by Hawkstone of
$2,750,000.
Pursuant to the original acquisition agreement to acquire the
interest in USA Lithium from Pembridge Resources plc (LON: PERE),
Thor is required to return 5% of disposal proceeds to
Pembridge.
Drilling Program
The Company notes a further announcement on ASX of 3 August 2018
by Hawkstone reporting encouraging visual results from an initial
drilling program at the Big Sandy deposit, which may also be found
on the following link:
https://www.asx.com.au/asxpdf/20180803/pdf/43x1y1q0bf1wp9.pdf
Further announcements on this investment will be made as news
becomes available.
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.
Enquiries:
Mick Billing +61 (8) 7324 1935 Thor Mining PLC Executive Chairman
Ray Ridge +61 (8) 7324 1935 Thor Mining PLC CFO/Company
Secretary
Colin Aaronson/ +44 (0) 207 383 Grant Thornton UK Nominated Adviser
Richard Tonthat/ 5100 LLP
Ben Roberts
Nick Emerson +44 (0) 1483 413 SI Capital Ltd Joint Broker
500
David Hignell +44 (0)20 3861 Northland Capital Joint Broker
/ Rob Rees / 6625 Partners Limited
Isabella Pierre
Tim Blythe/ Camilla +44 (0) 207 138 Blytheweigh Financial PR
Horsfall 3222
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.
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. The US Department of the
Interior has confirmed that tungsten, the primary resource mineral
at Pilot Mountain, has been included in the final list of Critical
Minerals 2018.
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 resource(3) on the portion of the
historic Kapunda copper mine in South Australia recoverable by way
of in situ recovery.
Thor has a material interest in USA 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 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 and ASX announcements of 12 February 2018
-- Refer AIM announcements of 26 February 2016 and ASX announcement of 29 February 2016.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
UPDSSLFLMFASEFA
(END) Dow Jones Newswires
August 06, 2018 10:15 ET (14:15 GMT)
Thor Energy (LSE:THR)
Historical Stock Chart
From Apr 2024 to May 2024
Thor Energy (LSE:THR)
Historical Stock Chart
From May 2023 to May 2024