The Board of Thor Mining Plc (“Thor”) (AIM, ASX:THR) advises the signing of an option agreement to sell for a total of A$3.5 million, 100% its interests in the Spring Hill gold project in the Northern Territory and the Dundas gold project in Western Australia, to private Australian company, PC Gold Pty Ltd (“PC Gold”).
The terms of the agreement provide that for a deposit of A$150,000, payable within 21 days, PC Gold will hold a 30 day option to acquire TM Gold Pty (Thor’s wholly owned subsidiary which holds the Spring Hill and Dundas interests) for:
- A$2.0 million (net of the deposit) payable in cash, for a 60%
interest, and 100% management control, in TM Gold; and
- A$1.5 million payable in cash, within 12 months, for the remaining 40% interest.
For further information please download PDF attached: