Thor Mining PLC said it has issued 22 million new shares at 1 pence each in a move to raise working capital and to provide cash for a small drilling program at the Molyhil tungsten and molybdenum project.
City Equities Ltd has agreed to subscribe for 15 million shares, representing approximately 8.75 percent of the enlarged issued share capital.
Wills & Co Stockbrokers Ltd has agreed to subscribe for 6 million shares and will thus hold 3.5 percent of the company.
Thor's flagship project is the Molyhil molybdenum/tungsten prospect, which is located some 225km to the north east of Alice Springs, and can be accessed either by air or by road (150km on sealed roads,130km on unsealed). Tungsten was first discovered in 1973, and a small 15 metre open pit operated briefly until 1981, when it was closed because of low prices.