Thor Mining PLC USA Lithium Investment Update (4221K)
April 10 2018 - 4:51AM
UK Regulatory
TIDMTHR
RNS Number : 4221K
Thor Mining PLC
10 April 2018
10 April 2018
THOR MINING PLC
USA LITHIUM INVESTMENT UPDATE
Further to its announcement of 29 March 2018, the Board of Thor
Mining Plc ("Thor" or the "Company") (AIM, ASX: THR), is pleased to
provide an update on the sale of the Company's interest in USA
Lithium Pty Ltd ("USA Lithium").
The Company is pleased to note the announcement today on ASX
that Hawkstone Mining Limited ("Hawkstone") (ASX: HWK) has
completed due diligence and is proceeding with the acquisition of
100% of the shares of USA Lithium.
Details of the release today by Hawkstone can be viewed via the
link below:
https://www.asx.com.au/asxpdf/20180410/pdf/43t2mfgr13nvkg.pdf
Mick Billing Executive Chairman of Thor Mining commented: "We
are delighted with the positive progress being made toward the sale
of USA Lithium."
"Thor has three key strategic tungsten and copper projects and
the consideration received from this transaction will increase our
working capital cash and tradable securities to approaching
GBP2million"
"This working capital position means the Company is funded well
into 2019 based on current operational plans giving the Company an
ability to progress all three key projects and deliver progress on
same to the market."
Transaction Information
Hawkstone proposes to acquire 100% of the shares on issue in USA
Lithium for the consideration of 262,500,000 fully paid shares
(including 12,500,000 non-refundable shares as option
consideration) in Hawkstone. The agreement is subject to securing
necessary shareholder approvals (scheduled for late May 2018).
Assuming the transaction with Hawkstone completes, Thor will be
issued 15,625,000 fully paid shares in Hawkstone on completion.
Hawkstone shares closed at A$0.039 at the close of trading today on
ASX, valuing this interest at A$609,375.00, less any consideration
payable as described below.
Under the agreement by which Thor acquired its interest in USA
Lithium from Pembridge Resources PLC in June 2017, Thor is required
to pay Pembridge 10% of any consideration for the sale of its
interest in USA Lithium, if that interest is sold within 12 months
of the acquisition. If such sale completes between 12 months and 24
months of the acquisition, then Thor is required to pay Pembridge
5% of the sale proceeds.
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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