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).