Thor Mining (ASX: THR, AIM: THR) is continuing to advance its gold and tungsten projects in Western Australia and the Northern Territory following a £112,500 (about A$173,000) capital raising.
The company placed 11.25 million new ordinary shares to UK sophisticated clients of Simple Investments, at £0.01 (A$0.02) per share.
Funds from the raising will help to finance the company’s aggressive exploration and evaluation programs at the Dundas and Spring Hill gold projects and to further fund the feasibility study at the Molyhil Tungsten/Molybdenum Project.
Molyhil has a current resource of 3.75 million tonnes at 0.32% tungsten, 0.19% molybdenum and 28% iron. High grade tungsten and molybdenum intercepts outside the confines of the existing resource in October could add to this.
Thor completed a similar raising last month, issuing 27 million shares to UK sophisticated clients of Simple Investments at £0.01 each for a total of £270,000 (A$419,871).
At the end of the September quarter, Thor had A$1.64 million cash.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/23175/thor-mining-completes-112500-raising-for-gold-tungsten-advancement-23175.html
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