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Thor Explorations closes final tranche of previously announced brokered private placement, raising a further C$1.05 million

The closing of the second tranche increases the aggregate total raised by the company under the private placement to C$13.55 million

Canadian dollars
Thor Explorations said it intends to use the net proceeds from the private placement to fund further exploration drilling of the Segilola Gold Project

Thor Explorations Ltd. (CVE:THX)) said it has closed the final tranche of its previously announced brokered private placement, raising a further C$1.05 million (US$0.77million) through the issuance of an additional 6,069,363 common shares.

The closing of the second tranche increases the aggregate total raised by the company under the private placement, announced on July 10, 2020, to C$13.55 million (US$9.97 million) through the issuance of an aggregate of 75,548,530 common shares.

READ: Thor Explorations to raise up to US$10 million to fund gold operations in Africa

The company's joint lead agents arranged for each subscriber under the first tranche to purchase from certain selling shareholders, via a secondary offering, one common share at a price of $0.16 per share, for every two shares acquired under the private placement. 

Due to administrative complexities, under the second tranche, the purchasers were unable to participate in the secondary offering and, as a result, the company agreed to reduce the subscription price of one-third of the shares purchased under the second tranche from $0.18 per share to $0.16 per share so that the average purchase price for the shares purchased under the second tranche was the same as if such purchasers had participated in the secondary offering.

The joint lead agents, namely H&P Advisory Ltd. and Paradigm Capital Inc have not received further cash commission on the second tranche, the group said.

All of the common shares issued under the second tranche of the private placement will be subject to a four-month and one day hold period expiring on November 11, 2020.

The company said it intends to use the net proceeds from the private placement to fund further exploration drilling of the Segilola Gold Project underground resource and also to drill identified satellite targets in proximity to the Segilola gold project within the project exploration licence and the company’s surrounding exploration licences.

The proceeds will also be used to progress exploration at its prospective Douta Gold Project in Senegal, and for general working capital purposes.

Thor Explorations is a Canadian mineral exploration company engaged in the acquisition, exploration and development of mineral properties located in Nigeria, Senegal and Burkina Faso.

It holds a 100% interest in the Segilola Gold Project located in Osun State of Nigeria and a 70% interest in the Douta Gold Project located in south-eastern Senegal. Thor also holds a 49% interest in the Bongui and Legue gold permits located in Houndé greenstone belt, south west Burkina Faso.

Contact the author at jon.hopkins@proactiveinvestors.com

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