17
February 2025
Thor Energy
PLC
("Thor"
or the "Company")
Completion of the Acquisition of Go
Exploration Pty Ltd and Total Voting Rights
Further to the announcement on 30
October 2024 in relation to the acquisition announcement and
subsequent shareholder approval received at the Company's annual
general meeting held on 28 November 2024 ("AGM"), the Directors of Thor Energy Plc
are pleased to announce the completion of the acquisition of 80.2%
of the issued share capital of Go Exploration Pty Ltd
("Go Exploration"), the
Australian-based natural (white) hydrogen and helium explorer (the
"Acquisition").
Highlights:
·
Acquisition of 80.2% of white hydrogen and helium
explorer Go Exploration to be satisfied by the issue of 466,462,584
new ordinary shares in the Company (the "Consideration Shares"). The Sellers
acknowledge and agree that 70% of the Consideration Shares shall be
subject to 6 months voluntary lock-in.
·
Go Exploration holds one of only 4 granted
hydrogen and helium exploration licences in South Australia (PEL
120) and strategic, high potential application areas covered by
applications (PELAs 697 and 709).
·
PEL
120, is located near the
notable Gold Hydrogen Limited
Ramsay-1 and Ramsay-2 hydrogen and helium
discoveries.
·
Independent assessment of
natural hydrogen and helium resources at PEL120 already underway,
results expected soon.
·
Go Exploration portfolio positioned for rapid
generation of drill ready targets (PEL 120) and follow up in high
generative potential areas (PELAs).
·
Acquisition in line with Thor strategy to focus on
the 'clean' energy economy.
·
Issue of 25,000,000 new ordinary shares in the
Company to Orana Corporate LLP ("Orana") in consideration for
consultancy services provided by Orana to Go Exploration in respect
of the Acquisition ("Consultant
Shares").
Andrew Hume, Managing Director, commented:
"This is a truly transformative acquisition for
Thor Energy. The addition of Go Exploration's highly prospective
hydrogen and helium licences, particularly the granted licence PEL
120 with its proximity to recent significant discoveries, positions
Thor at the forefront of natural hydrogen and helium exploration in
Australia. We are incredibly excited about the potential of these
assets, especially as we look forward to the upcoming resource
statement, and the opportunity to rapidly advance exploration and
development. This acquisition aligns perfectly with our strategic
focus on clean energy resources and significantly strengthens our
portfolio. We welcome the Go Exploration team and look forward to
working together to unlock the immense value of these projects for
our shareholders."
Alastair Clayton, Executive Chairman, commented:
"This
acquisition represents a significant milestone for Thor Energy and
is the culmination of a great deal of hard work and we are pleased
to have been able to bring this transaction to a successful close.
I believe our post-transaction market capitalisation when compared
to our Australian and international peers makes the Company a
compelling proposition."
Admission and Total Voting Rights
Following the AGM and completion of
the Acquisition, the Company will issue 466,462,584
Consideration Shares and 25,000,000 Consultant Shares.
Application has been made to the
London Stock Exchange for admission of the Consideration
Shares and Consultant Shares, aggregating in 491,462,584 new
ordinary shares, to trading on AIM and to the ASX for
admission on that market. It is expected that admission will become
effective and dealings in the Conditional Fundraise
Shares commence at 8.00 a.m. on 20 February 2025.
Following the admission of
the Consideration Shares and Consultant Shares, the total
number of Ordinary Shares in the capital of the Company in issue
will be 1,003,405,968 with voting rights. This figure may be used
by shareholders 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, Thor under the Financial
Conduct Authority's Disclosure Guidance and Transparency
Rules.
Unless otherwise defined, all capitalised terms in this
announcement have the meaning given to them in the announcement
made at 8.00 on 30 October 2024 or the Notice of AGM posted to
shareholders on 31 October 2024.
-ENDS-
The Board of Thor Energy Plc has
approved this announcement and authorised its release.
For further information on the
Company, please visit the website or please contact the following:
Thor Energy PLC
Alastair Clayton, Executive
Chairman
Rowan Harland, Company Secretary
Tel: +61 (8) 6555 2950
Zeus (Nominated Adviser and Joint Broker)
Antonio Bossi / Darshan Patel /
Gabriella Zwarts
Tel: +44 (0) 203 829
5000
SI
Capital Limited (Joint Broker)
Nick Emerson
Tel: +44 (0) 1483 413 500
Yellow Jersey (Financial PR)
Dom Barretto / Shivantha Thambirajah
/ Bessie Elliot
thor@yellowjerseypr.com
Tel: +44 (0) 20 3004 9512
About Thor Energy Plc
The Company is predominantly focused
on uranium and energy metals and hydrogen and helium that are
crucial in the shift to a clean energy economy.
For further information on Thor
Energy and to see an overview of its projects, please visit the
Company's website at https://thorenergyplc.com/.
