Mll2018 Placlrgto raise£300,000- RNS- Lcndcn Sb:k Exchange

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Thor Mining PLC - TI-IR Placing fD raise £300,000 Released 11:00 17-May-2016

RNS Number :4707Y

Thor Mining PLC 17 May 2016

17 May 2016

THOR MINING PLC

Placing to raise £300,000

The Directors of Thor Mining PLC ('Thor" or the "Company") (AIM, ASX: THR), are pleased to announce that the Company has, subject to shareholder approval, raised £300,000 via a placing.

Hi&hli&hts:

• Thor has raised a total of £300,000 before expenses through the placing of 1,200,000,000 ordinary shares of 0.01p each ("Ordinary Shares") at a price of 0.025p each with new investors (the "Placing");

• The Placing price was set at the bid price of Thor at the time the Placing commenced;

• Subscribers for these Ordinary Shares under the Placing will also be granted one warrant for every share subscribed for under the Placing, to subscribe for further Ordinary Shares at a price of 0.05p per share, valid for 30 months;

• As part of this raising, Metal Tiger plc has subscribed for 400,000,000 Ordinary Shares, and 400,000,000 Warrants;

• Following completion of the Placing in full, Metal Tiger plc will have an interest in 400,000,000 Ordinary Shares in the capital of the Company, representing 6.97 per cent of the Company's enlarged share capital;

• The funds raised will enable Thor to advance a number of elements of its existing business interests, including testing for tungsten mineralisation at selected targets very close to Nolyhil, and assessing other strategic opportunities as well as to provide general working capital.

W2016 Placi to raise£300,000 - RNS - London Stock Exch!rge

Miele. Billing, Executive Chairman of Thor said: "I am delighted with the funds raised and particularly that this incoming finance was secured at the bid price of Thor with no discount applied.

"Just as important, the money raised supports our plans for accelerating the development of our business.

"In addition to the funds raised through the Placing, a further A$1 .Smis payable to the Company within the next nine months following the sale of the Spring Hill Gold Project as announced recently."

Placing Information

The Company will shortly issue 336,000,000 Ordinary Shares and 336,000,000 Warrants and will convene a General Meeting of the Company at which shareholders will be asked to give the Directors the necessary authorities to

issue the remaining 864,000,000 Ordinary Shares and 864,000,000 Warrants. A notice of General Meeting will shortly be sent to shareholders and further announcements will be made as soon as pract cable.

Settlement and dealings

Applicat on will be made for the admission to trading on the AIM Market of the London Stock Exchange ("AIM") of the first 336,000,000 Ordinary Shares, which rank pari passu with the Company's existing issued Ordinary Shares. Dealings on AIMare expected to commence at 8:00am on 1 June 2016 ("Admission").

Total Voting Rights

For the purposes of the Financial Conduct Authority's Disclosure and Transparency Rules ("DTRs"), following Admission, Thor will have 4,872,387,510 Ordinary shares inissue with voting rights attached. Thor holds no shares in treasury. This figure of 4,872,387,510 may be used by shareholders in the Company as the denominator for the calculat ons by which they will determine

if they are required to notify their interest in, or a change to their interest in the Company, under the ASX Listing Rules or the DTRs.

Subject to shareholder approval, following complet on of the Placing, including the second tranche of 864,000,000 Ordinary Shares, Thor will have 5,736,387,510 sharesinissue.

Enquiries:

Mick Bill ng Ray Ridge

+61 (8) 7324 1935

+61 (8) 7324 1935

Thor Mining PLC Thor Mining PLC

Executive Chairman CFO/Company Secretary

Colin Aaronson/ Daniel Bush/ Richard Tonthat

+44 (0) 207 383 5100 Grant Thornton UK LLP

Nominated Adviser

Gerry BeaneyI

David Hignell John Howes

Tim Blythe/ Camilla Horsfall

+44 (0) 203 862 6625 Northland Capital Partners Broker

Limited

+44 (0) 207 138 3222 Blytheweigh Financial PR

Updates on the Company's activities are regularly posted on Thor's website www. thormi ni ng.com, which includes a facility to register to receive these updates by email.

This information is provided by RNS

The company news service from the London Stock Exchange

W2016

END

Placi to raise£300,000 - RNS - London Stock Exch!rge

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Placing to raise £300,000 - RNS