Sydney, Sep 6, 2006 AEST (ABN Newswire) - Thor Mining PLC (AIM: THR), an AIM-listed mineral exploration and development company focused on specialty metals projects, announces that it has received shareholder approval to proceed with the acquisition of a substantial portfolio of uranium projects in Australia. Shareholder approval has also been received for a 1-for-3 capital consolidation and an issue to existing shareholders of one warrant for every two post-consolidation shares held ahead of the proposed dual listing of Thor's shares on the Australian Stock Exchange later this month.
At a combined shareholder and Annual General Meeting held in London on 5 September, Thor's shareholders approved a series of resolutions relating to the acquisition of Hale Energy Limited from Australian Stock Exchange-listed minerals company, Batavia Mining Limited (ASX: BTV) ("Batavia"), as well as the capital consolidation and issue to existing shareholders.
The Hale Energy uranium portfolio consists of five uranium projects in the Northern Territory, several of which are at an advanced exploration stage. The portfolio covers a total area of 3,000 sq km, with the Hale River and Plenty Highway projects covering some 1,200 sq km of tertiary basin sediments and palaeo-drainage channels prospective for sandstone and roll-front style uranium deposits. The portfolio includes advanced target areas with previous uranium exploration history located in close proximity to existing discoveries.
The consideration for the acquisition of Hale Energy is the issue of 16 million fully-paid Thor Mining shares and 8.5 million warrants. The transaction was also approved by Batavia shareholders at a shareholder meeting on 9 August 2006.
Thor's Executive Chairman, Mr John W. Barr, said he was pleased to have received strong shareholder support for the transactions, which included the acquisition of a substantial Australian uranium portfolio alongside the Company's existing Molyhil Tungsten-Molybdenum Project, also in the Northern Territory. "This represents a significant growth step for the Company, with the transactions approved today also representing another important step towards our forthcoming dual listing on the Australian Stock Exchange," he added.
Thor has lodged a Prospectus for AUD $10.5 million Initial Public Offering (underwritten to A$10.0 million by Patersons Securities Limited). The offer is scheduled to close shortly, with listing of Thor's shares on the Australian Stock Exchange scheduled for late September.
The funds raised will underpin an aggressive development strategy, including completion of a Definitive Feasibility Study on the Molyhil Project and intensive exploration programs within the newly acquired uranium portfolio, including a proposed HoistEM survey planned to commence in mid-September to assist in the identification of drill targets. Drilling is scheduled to commence in October 2006.
Batavia Mining Limited