Thor Mining To Raise GBP2.7M In Placing For Dundas Project

23rd Jun 2010 07:43

LONDON (Dow Jones)--Minerals exploration company Thor Mining PLC (THR.LN) Wednesday said it plans to raise up to GBP2.7 million through a share placing which it will use to fund the exploration and evaluation of its Dundas Project in western Australia. The cash will also be put toward the continued evaluation of the Molyhil tungsten and molybdenum project, the exploration of the Harts Range base metals project and to evaluate new exploration opportunities. Thor said its directors believe the placing proceeds alone will be enough to carry out the planned exploration projects and for Thor's general working capital needs for at least the next 12 months. The company proposed a placing of up to 200 million new shares at 0.7 pence each and also an open offer of up to another 200 million new shares at 0.7 pence each. -By Rachael Gormley, Dow Jones Newswires; 44-20-7842-9308; [email protected] (END) Dow Jones Newswires June 23, 2010 02:43 ET (06:43 GMT)