117 0 Kommentare Thor Explorations Announces Closing of Private Placement, Repayment of Debt, Senior Credit Facility and Full Funding of the Segilola Gold Project and Provides an Update on the Filing of Audited Financial Statements

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES

VANCOUVER, British Columbia, April 29, 2020 (GLOBE NEWSWIRE) -- Thor Explorations Ltd. (TSX VENTURE: THX) (“Thor” or the “Company”) is pleased to announce that it has closed its previously announced non-brokered private placement of 28,215,750 common shares of the Company (the “Common Shares”) with the Africa Finance Corporation (“AFC”) for gross proceeds of C$5,643,150 (US$4,250,000) to reach full funding of the Segilola Gold Project in Nigeria (the “Project”).

The Company is also pleased to announce the issuance of 34,750,000 Common Shares against US$5,000,000 of invoices under its EPC schedule.

In the aggregate, the Company has closed a total of C$13,000,000 (US$9,250,000) through the issuance of 62,965,750 Common Shares at a price of C$0.20 per Common Share. All of such Common Shares will be subject to a hold period of four months and one day expiring on August 30, 2020.

The closing of the Private Placement comes following the signing of definitive documentation with the AFC for the provision of a US$54,000,000 senior secured credit facility (the “Facility”) and a US$21,000,000 gold stream prepayment. In connection with the Facility, the Company has issued to AFC 33,329,480 Common Shares at a deemed price of C$0.20 per Common Share (the “Bonus Shares”). The Bonus Shares will be subject to a hold period of four months and one day expiring on August 30, 2020.

Thor will use the net proceeds from the private placements and AFC financings to advance the major component of the capital cost and working capital requirements to construct the Project and general working capital purposes.

Highlights of the Financing:

Total expected fundraising of US$104,500,000
Tranche 1 private placement (closed on December 5 2019) raising gross proceeds of C$15,733,850 (US$11,830,000) through the issuance of 78,669,250 Common Shares at a price of C$0.20
Tranche 2 private placement raising gross proceeds of C$5,643,150 (US$4,250,000) through the issuance of 28,215,750 Common Shares at a price of C$0.20 per Common Share
Issuance of 34,750,000 shares at a price of C$0.20 per Common Share in lieu of US$5,000,000 (C$6,950,000) of EPC construction costs
Closing of US$21,000,000 gold stream prepayment
Closing of US$6,500,000 EPC deferred payment facility
Closing of US$54,000,000 senior secured credit facility