Thor Explorations to raise $10m to fund Nigeria work
TSX-V-listed Thor Explorations intends to raise $10-million and, in cooperation with certain shareholders, place up to $5-million of previously issued stock via a best-efforts brokered private placement.
The private placement will comprise up to 40-million units with each unit consisting of up to two common shares issued from treasury at a price of C$0.18 a share and up to one previously issued common share issued at a price of C$0.16 a share.
The private placement is expected to close on July 2, and is subject to regulatory approval, including conditional approval of the TSX-V.
With the development of the Segilola gold project, in Nigeria, already fully funded and in construction, and production scheduled for the second quarter of 2021, the company intends to use the net proceeds from the private placement to fund exploration drilling of the Segilola underground resource and identified satellite targets in proximity to the Segilola gold project.
The proceeds will also be used to progress exploration at its prospective Douta gold project, in Senegal, and for general working capital purposes.
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