StockMarketWire.com - Sydney and London listed Thor Mining said it had agreed an exclusive option to acquire Australian company American Vanadium, with interests in uranium and vanadium focused projects in Colorado and Utah.

The deal comprised a A$100.1k exclusivity fee, of which A$50.1k would be satisfied by the issue of Thor shares, plus a A$144k acquisition fee, satisfied entirely with Thor shares.

Future payments would be offered through the issue of performance rights, over three stages, to receive up to 102m Thor shares. subject to achievement of project milestones.

Thor also announced that it had raised A$970k from a share placing at 0.5c per share, including to existing investor Metal Tiger and company directors.

'This is an outstanding opportunity for Thor and its investors,' executive chairman Mick Billing said.

'Deposits from the Uravan mineral belt have produced large quantities of high grade uranium and vanadium ore over decades, until the early 1980's when the global uranium price collapsed.'

'We have a Colorado based team ready to commence a sampling program from the historical mines around Wedding Bell and Radium Mountain mines, along with other field due diligence activities, and we look forward to the results of that work then, with funds available from this capital raising, move on to permitting and drilling as soon as possible.'


At 9:34am:

[LON:MTR] Metal Tiger Plc Ord 0.01p share price was +0.2p at 2.23p

[LON:THR] Thor Mining PLC share price was +0.05p at 0.38p



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