The Board of Thor Mining Plc (“Thor”) (AIM, ASX:THR) is pleased to advise that the Company is moving to full ownership of the advanced Spring Hill Gold Project in Australia’s Northern Territory.
Thor has agreed terms to acquire the 49% equity interest in Spring Hill that it did not own from WDR Gold Pty Ltd, a subsidiary entity of Western Desert Resources Limited which is presently in Receivership/Liquidation – the previous equity holder of the gold project stake acquired by Thor. The agreement is subject to ministerial assent, and approval from the Foreign Investment Review Board. Documentation in relation to the acquisition is presently being finalised and is anticipated to be signed shortly.
Consideration for the acquisition has been agreed at A$210,000 (approximately UK£109,000) plus Thor CDIs to the value of A$100,000, payable upon Ministerial agreement to the title transfer, expected within 2 months. Thor has agreed terms with an Australian investor for loan finance for the cash component of the acquisition.
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