https://www.engineeringnews.co.za

Metal Tiger investment bolsters Thor working capital

24th January 2018

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

Font size: - +

JOHANNESBURG (miningweekly.com) – UK-based Metal Tiger has announced a £300 000 investment in Aim- and ASX-listed Thor Mining, which owns tungsten and copper projects in Australia and the US.

Metal Tiger will subscribe for ten-million shares at 3p each to raise the money, which Thor said it would use to advance its Molyhil tungsten and Kapunda copper projects, in the Northern Territory and South Australia, respectively, as well as the Pilot Mountain tungsten project, in Nevada.

"On November 15, Thor confirmed that the company had raised over £1.3-million from the placing conducted in October and the subsequent warrant conversions undertaken, and that based on the operational plans the company had sufficient funds to extend the cash runway of the business until 2019.

"Since then, Thor has secured an additional £594 537 from warrant conversions and now £300 000 from this financing, which together considerably bolster working capital and further extend the company's cash runway and extremely robust financial position,” said Thor executive chairperson Mick Billing.

On Tuesday, Metal Tiger sold 7.93-million shares in ASX-listed Kingsgate Consolidated for gross proceeds of A$2.69-million ((about £1.53-million).

Edited by Creamer Media Reporter

Comments

Showroom

M and J Mining
M and J Mining

M and J Mining are leading suppliers of physical support systems as used by the underground mining industry. Our selection of products are not...

VISIT SHOWROOM 
Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.152 0.208s - 156pq - 2rq
Subscribe Now