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Thor Exploration launches C$20M private placement to bolster West African projects

The offering will consist of 100.5 million shares available at C$0.20 per share, higher than its C$0.16 Friday close

Thor Explorations Ltd. -
Thor holds a 100% interest in the Segilola gold project in the Osun state of Nigeria and a 70% interest in the Douta gold project in south-eastern Senegal

Thor Exploration Ltd (CVE:THX) plans to raise C$20 million via a new private placement to fund its West African operations, the junior exploration company announced Monday. 

The offering will consist of 100.5 million shares available at C$0.20 with the proceeds going toward exploration in Nigeria and development of the Segilola Gold Project as well as the Douta Project in Senegal.

READ: Thor Explorations granted 30 day extension on US$15M placing

In conjunction with the new private placement, the company also said it would not be going forward with its previously planned private placement of the same value. The deadline to close that placement had been extended but ultimately expired.

The Canadian mineral exploration company is focused on exploration and development in West Africa. Thor holds a 100% interest in the Segilola gold project in the Osun state of Nigeria and a 70% interest in the Douta gold project in south-eastern Senegal. Thor also holds a 49% interest in the Bongui and Legue gold permits located in Houndé greenstone belt, in southwest Burkina Faso.

Shares of Thor slid 12% Monday afternoon to C$0.14.

Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com 

Follow him on Twitter @andrew_kessel

Quick facts: Thor Explorations Ltd.

Price: 0.21 CAD

TSX-V:THX
Market: TSX-V
Market Cap: $130.45 m
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Thor Explorations fully financed through to first gold at its flagship...

Thor Explorations Ltd's (CVE:THX) Segun Lawson updates Proactive's Andrew Scott on developments at its Segilola gold project in Nigeria. He says the majority of the financing's come from the Africa Finance Corporation - including senior debt, equity and a prepayment on a portion of the gold....

on 26/5/20

2 min read