Thor Explorations Closes Final Tranche of Private Placement Raising Additional C$1.05M

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

VANCOUVER, British Columbia, July 13, 2020 (GLOBE NEWSWIRE) -- Thor Explorations Ltd. (TSX VENTURE: THX) (“Thor” or the “Company”) is pleased to announce that further to its news release of July 10, 2020 it has closed the final tranche of its previously announced brokered private placement raising an additional C$1.05 million (US$0.77million) through the issuance of an additional 6,069,363 common shares.  The closing of the second tranche increases the aggregate raised by the Company under the private placement to C$13.55 million (US$9.97 million) through the issuance of an aggregate of 75,548,530 common shares of the Company (the “Private Placement”).

The Joint Lead Agents arranged for each subscriber under the first tranche of the Private Placement to purchase from certain selling shareholders (the “Secondary Offering”), one common share at a price of $0.16 per share, for every two shares acquired under the Private Placement Due to administrative complexities the purchasers under the second tranche of the Private Placement were unable to participate in the Secondary Offering and as a result the Company agreed to reduce the subscription price of one-third of the shares purchased under the second tranche from $0.18 per share to $0.16 per share so that the average purchase price for the shares purchased under the second tranche was the same as if such purchasers had participated in the Secondary Offering. H&P Advisory Ltd. and Paradigm Capital Inc. acted as joint lead agents to the Private Placement (the “Joint Lead Agents”). The Joint Lead Agents have not received further cash commission on this second tranche.

All of the common shares issued pursuant to the second tranche of the Private Placement will be subject to a four month and one day hold period expiring on November 11, 2020.

The Company intends to use the net proceeds from the Private Placement to fund further exploration drilling of the Segilola Gold Project underground resource and also to drill identified satellite targets in proximity to the Segilola gold project within the project exploration licence and the Company’s surrounding exploration licences. The proceeds will also be used to progress exploration at its prospective Douta Gold Project in Senegal, and for general working capital purposes.