Thor Mining confirms a significant restructuring of its board and, subject to the shareholder approval, a capital raising of a total of £350,000 gross via 1.4bn shares at 0.025p each with Metal Tiger and new investors.
In addition, certain Thor directors have, subject to the approval of shareholders, undertaken to convert A$150,000 of amounts owed to them into 346m shares at 0.025p each.
Under the Placing and Subscription, and Debt Conversion, subscribers for the Ordinary Shares will also be granted one free attaching Warrant for every share subscribed for, to enable them to subscribe for further Ordinary Shares at a price of 0.05p per share, valid for a period of 30 months ("Warrants") from the date of issue.
- New invigorated board to consist of Mick Billing (Executive Chairman & CEO), David Thomas (Executive Director), Gervaise Heddle (Non-Executive Director), and Paul Johnson (Non-Executive Director and CEO of Metal Tiger)
- Paul Johnson to be appointed to the board, subject to completion of standard director due diligence. Two current directors of Thor, Trevor Ireland and Mick Ashton, to step aside with immediate effect
- Initial subscription of £100,000 by Metal Tiger
- Second tranche of Placing and Subscription, subject to shareholder approval, to raise a further £250,000
- Thor directors, including outgoing directors, to participate in the second placing and convert A$150,000 owed to them into equity