Thor Announces US$10 Million Brokered Private Placement Financing

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

VANCOUVER, British Columbia, June 12, 2020 (GLOBE NEWSWIRE) -- Thor Explorations Ltd. (TSXV: THX) (“Thor” or the “Company”) announces that it intends to raise up to approximately US$10 million and in cooperation with certain shareholders place up to approximately US$5 million of previously issued stock via a best efforts brokered private placement.

The private placement will consist of up to 40 million units with each unit comprising up to 2 common shares issued from Treasury at a price of C$0.18 per share (for up to 80 million common shares) (“Treasury Offering”) and up to 1 previously issued common share (for up to 40 million common shares) issued at a price of C$0.16 per share (“Secondary Sale”).

The Private Placement will be co-led by H & P (Advisory) Limited and Paradigm Capital Inc.

The Private Placement is expected to close on July 2, 2020 and is subject to regulatory approval, including conditional approval of the TSX Venture Exchange. All securities issued pursuant to the Private Placement will have a hold period of four months and one day.

With the development of the Segilola gold project already fully funded and in construction, and production scheduled for Q2 2021, the Company intends to use the net proceeds from the Private Placement to fund exploration drilling of the Segilola underground resource and identified satellite targets in proximity to the Segilola gold project. The proceeds will also be used to progress exploration at its prospective Douta Gold Project in Senegal, and for general working capital purposes.

The securities have not been, and will not be, registered under the Unites States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any U.S. state security laws, and may not be offered or sold in the Unites States without registration under the U.S. Securities Act and all applicable state securities laws or compliance with requirements of an applicable exemption therefrom.  This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the Unites States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.