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 - Seite 2

The Company also announces that as a result of the COVID-19 pandemic it will be relying on the coordinated relief provided by the securities regulators for an extension to the deadline for certain periodic filings. The Canadian Securities Administrators granted blanket relief for all market participants, providing up to a 45-day extension for periodic filings normally required to be made on or before April 29, 2020.

In accordance with the blanket relief, the Company will delay the filing of its audited annual financial statements for the year ended Dec. 31, 2019, the management's discussion and analysis (MD&A) for the corresponding period, and related management certifications of annual filings.

The company intends to file these documents prior to mid-June under the terms of the 45-day extension announced by the B.C. Securities Commission under BCI 51-515, dated March 23, 2020.

Until such time as the filings are made, Thor’s management and other insiders are subject to a trading blackout that reflects the principles contained in Section 9 of National Policy 11-207 -- Failure to File Cease Trade Orders and Revocations in Multiple Jurisdictions.

Other than as disclosed in the company's press releases, there have not been any material business developments since the date on which the company filed its interim consolidated financial statements for the three- and nine-month periods ended Sept. 30, 2019.

An updated presentation can be found on the Company’s website: www.thorexpl.com

About Thor
Thor Explorations Ltd. is a Canadian mineral exploration company engaged in the acquisition, exploration and development of mineral properties located in Nigeria, Senegal and Burkina Faso. Thor holds a 100% interest in the Segilola Gold Project located in Osun State of Nigeria and a 70% interest in the Douta Gold Project located in south-eastern Senegal. Thor also holds a 49% interest in the Bongui and Legue gold permits located in Houndé greenstone belt, south west Burkina Faso. Thor trades on the TSX Venture Exchange under the symbol “THX”.

About Africa Finance Corporation
Africa Finance Corporation (AFC), an investment-grade multilateral finance institution, was established in 2007 with an equity capital base of US$1 billion, to be the catalyst for private-sector-led infrastructure investment across Africa. AFC has a current balance sheet size of approximately US$5.07 billion and is the second-highest investment-grade-rated multilateral financial institution in Africa with an A3 (Stable outlook) rating from Moody’s Investor Services. AFC invests in high quality infrastructure assets in Africa that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport and telecommunications. To date, AFC has investment approximately US$6.6 billion in project across 30 African countries.