Thor Explorations Ltd (CVE:THX) announced Monday that it is continuing its proposed private placement of C$20 million to finance a number of new projects in West Africa.
The Vancouver-based junior explorer said that the TSX Venture Exchange had granted a 30-day extension to close the offering.
The company is offering 100.5 million shares of the company at a price of C$0.20, for gross proceeds of C$20.1 million.
Funds raised would go towards development of the Segilola gold project in Nigeria, further exploration in Nigeria and at Douta Project in Senegal and for general corporate purposes, according to Thor.
The company said the placement is subject to all necessary regulatory approvals and securities being issued will be subject to a four-month hold period.
In addition to the company receiving a financing of US$78 million from the Africa Finance Corporation announced in April 2019, the extension date of the private placement aligns with the target final closing date for AFC’s US$15 million additional equity subscription, Thor said in a statement.
The Canadian mineral exploration company is focused on exploration and development in West Africa. Thor holds a 100% interest in the Segilola gold project in the Osun state of Nigeria and a 70% interest in the Douta gold project in south-eastern Senegal. Thor also holds a 49% interest in the Bongui and Legue gold permits located in Houndé greenstone belt, in southwest Burkina Faso.
Shares of Thor were trading at C$0.17 on Monday morning in Toronto.
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