Thor Mining acquires Australian gold and uranium explorers

Resources company Thor Mining has acquired two Australian gold and uranium exploration companies to expand its operational portfolio in anticipation of the crystallisation of value from its Molyhil and Kapunda projects.

Thor will acquire Pilbara Goldfields and Hamersley Metals, which together hold interests in two granted licences and seven licence applications at various stages of advancement, for a total of £450,000 payable through the issue of 53m new ordinary shares.

The AIM-listed firm will also issue 26.5m warrants in the company to PGL and HML at a price of 1.30p per share and a further 22.5m ordinary shares should any of the acquired projects enter commercial production.

Separately, Thor revealed it would undertake a strategic financing aimed at raising an additional £400,000 to provide a "substantial addition to existing working capital".

Chairman Mick Billing said: "I am extremely pleased to announce today's strategic Australian acquisitions which add gold and uranium into the Thor Mining Australian portfolio.

"In anticipation of the above crystallisation process the company needs to access new Australian opportunities and the strategic acquisitions announced today enable us to take a material step forward in this regard."

As of 1100 GMT, Thor shares had dipped 1.41% to 0.84p.