Thor Energy says strong support for A$1.3mln placement shows confidence in projects
May 14, 2024 at 10:19 am
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Thor Energy PLC managing director Nicole Galloway Warland joined Proactive's Stephen Gunnion with more details on a A$1.3 million share placing, targeted at investment in its uranium and copper projects in the United States and Australia.
Galloway Warland noted strong support from both existing and new shareholders, reflecting confidence in the company’s growth potential. The expanded shareholder base now includes new institutional investors. Additionally, company directors, including Galloway Warland and chairman Alastair Clayton, have increased their investments, contingent on shareholder approval, further demonstrating their belief in the company’s prospects.
The funds will primarily facilitate the next stages of exploration and drilling at several key sites, including Wedding Bell at Radium Mountain and Vanadium King in the US, as well as advancing its copper assets in Australia. With uranium prices currently favourable, the company sees this as an optimal time to accelerate their projects, particularly given the increased activity in the uranium and vanadium sectors.
In Australia, the focus is on gaining approvals for in-situ recovery methods and conducting pump testing to evaluate the environmental and cost implications, aligning with ESG principles.
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Proactive UK Ltd
+44 20 7989 0813
uk@proactiveinvestors.com
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Thor Energy PLC is a United Kingdom-based exploration company with a focus on uranium and energy metals. The Company's project consists of Ragged Range Gold Project, Alford Copper-Gold Projects, Molyhil Tungsten Project, and Uranium-Vanadium Project. The Company holds 100% interest in three uranium and vanadium projects (Wedding Bell, Radium Mountain and Vanadium King) in the Uravan Belt Colorado and Utah. The Ragged Range Project is located in the prospective Eastern Pilbara Craton, Western Australia. The Molyhil tungsten-molybdenum-copper deposit is located 220km north-east of Alice Springs (320km by road) within the prospective polymetallic province of the Proterozoic Eastern Arunta Block in the Northern Territory. The Alford East Copper-Gold Project is located on EL6529. The Company also holds 40% interest in deposits of tungsten, copper, and vanadium, including Inferred resource estimates for the Bonya copper deposit, and the White Violet and Samarkand tungsten deposits.