Thor Mining PLC CDI Sale Facility (6818K)

TIDMTHR

RNS Number : 6818K

Thor Mining PLC

12 April 2018

12 April 2018

THOR MINING PLC

CDI SALE FACILITY FOR HOLDINGS OF LESS THAN A MARKETABLE PARCEL ON ASX

Thor Mining Plc ("Thor" or the "Company)" is pleased to announce a CHESS Depositary Interest ("CDI") Sale Facility for holders of less than a marketable parcel of CDIs in the Company ("Facility").

The Facility is only applicable to Thor Shareholders holding CDIs quoted on the Australian Securities Exchange (ASX). Under ASX Listing Rules, a process exists which allows listed entities to provide holders of parcels of securities valued at below A$500 the opportunity to sell those holdings without incurring brokerage or other transaction fees.

The Company is providing 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 will endeavour to obtain the highest available price for the CDIs and will organise remittance of sale proceeds for those CDI holders who participate in the Facility.

By making this Facility available, the Company also expects to reduce the administrative costs associated with maintaining a large number of small holdings.

The ASX Listing Rules defines a "Marketable Parcel" as those holdings of CDIs with a market value of $500 or more. As at market close on the 11 April 2018 ("Record Date") a parcel of CDIs in the Company is less than a Marketable Parcel for any CDI holding of 11,627 or less, based on the closing price of $0.043 per CDI.

As at the Record Date, the Company has 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 or 2.64% of all issued CDIs.

Holders of Unmarketable Parcels can either:

1. Retain their CDI holding by:

a. Signing and returning a Notice of Retention of CDIs Form accompanying the letter to CDI holders by 1 June 2018 ("Closing Date"). This will ensure non-participation in the Facility and their CDI holding will remain unchanged;

b. If they have multiple holdings, consolidate these under a single holding such that the combined CDI holding at the Closing Date is greater than $500; or

c. Purchasing additional CDIs under the same holding such that their CDI holding at the Closing Date is greater than $500.

Or

2. Sell their CDI holding by:

No further action is necessary. If their CDI holding at the Closing Date is less than $500, their CDIs will be sold and the proceeds sent to them.

Mick Billing, Executive Chairman, commented:

"This is 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 
 

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

MSCFKBDNPBKKBQD

(END) Dow Jones Newswires

April 12, 2018 02:16 ET (06:16 GMT)