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Thor Explorations Announces TSX Venture Exchange Conditional Approval with Africa Finance Corporation

Mining News - Published on Wed, 09 Oct 2019

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Thor Explorations Ltd announced that it has received conditional approval from the TSX Venture Exchange for the first tranche of the proposed USD 15,000,000 private placement with the Africa Finance Corporation. The Company also announces that further to its news releases dated August 19, 2019, the Company’s proposed private placement is continuing and an extension of 30 days to close the offering has been granted by the TSXV. The Offering is subject to the acceptance of the TSX Venture Exchange. Thor announces that it has received the first USD 6,000,000 in subscriptions from the Offering and is in advanced discussions with a number of parties who are currently completing their required due diligence on the Company.

Thor announces that the Company has received conditional approval from the TSXV in relation to the first tranche of the proposed AFC private placement. Further to its news release dated April 15, 2019, the AFC will purchase, by way of private placement, common shares of the Company at a price of CND 0.20 for total gross proceeds of USD 15 million. Settlement will occur in United States dollars.

Following completion of USD 9 million in equity subscriptions from the Offering, Thor intends to draw the first USD 7 million of the AFC equity. The second US$8m of the AFC equity will be available on financial close of the USD 63 million AFC debt facilities.

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Posted By : Rabi Wangkhem on Wed, 09 Oct 2019
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