Thor Energy Seeks A$1.3mln for Exploration Progress
May 15, 2024 : Thor Energy PLC (AIM: THR, OTCQB: THORF, ASX: THR), a company focused on uranium and copper exploration projects, has announced the successful raising of A$1.3 million (approximately USD 910,000) to propel its exploration activities forward. This funding will be directed toward projects in the United States and Australia.
The capital raise involved issuing 100 million new ordinary shares for A$0.013 (approximately USD 0.009) per share. The placement was conducted in two tranches: a firm placement securing A$467,890 (approximately USD 328,000) and a conditional placement subject to shareholder approval for the remaining A$832,110 (approximately USD 582,000).
Boosting Exploration Efforts
The newly acquired funds will empower Thor Energy to expedite the next phases of exploration at its key project sites. These sites include the Wedding Bell prospect within the Radium Mountain project and the Vanadium King project, both in the United States. Additionally, the funding will be allocated towards advancing the company’s copper assets in South Australia.
Strategic Timing
Thor Energy highlights the strategic timing of this capital raise, aligning with the current favorable environment for uranium prices. This positive market trend presents an opportune moment for the company to accelerate its uranium exploration endeavors. Furthermore, the company is committed to Environmental, Social, and Governance (ESG) principles throughout its exploration and development processes.
Seeking Shareholder Approval
Completing the conditional placement hinges on obtaining approval from Thor Energy’s shareholders. To facilitate this vote, a general meeting is scheduled to be held on or before June 20, 2024.
Positive Outlook
The company leadership expressed optimism regarding the impact of this funding. In a statement, Managing Director Nicole Galloway Warland emphasized the company’s gratitude towards existing and new investors who recognize the potential within Thor Energy’s uranium and copper portfolio. The company looks forward to updating its exploration and development plans on the market.
Market Response
The news of the capital raise has garnered interest from investors, with anticipation surrounding the upcoming shareholder vote on the conditional placement. Thor Energy’s future exploration activities and potential impact on the company’s projects will be closely monitored.
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