18 March 2013
THOR MINING PLC
A$1 MILLION FUNDING FACILITY - TRANCHE 1 DRAWDOWN
The Directors of Thor Mining PLC ("Thor") (AIM, ASX: THR) are pleased to announce the drawdown of the initial 50% of the 3 year term A$1 million secured debt facility previously announced on 15th February 2013 ("the Facility").
Formal documentation has been executed, all conditions precedent to drawdown of tranche 1 of the facility have been satisfied, and a drawdown notice has been issued. Receipt of transferred funds is expected within 2 working days of this announcement.
The key terms of the Facility are unchanged from those announced on 15th February 2013 save that the options to be granted to the lender following drawdown of the first tranche of the facility (referred to in the 15th February announcement as the "Commitment Options" and "Tranche 1 Options") will be subject to Thor security holder approval to the extent Thor cannot grant those options within its placement capacity pursuant to ASX Listing Rule 7.1. Thor will proceed to grant the number of options it can without security holder approval with the balance to be granted following the obtaining of the requisite security holder approval.
Enquiries:
Mick Billing |
+61 (8) 7324 1935 |
Thor Mining PLC |
Executive Chairman |
Allan Burchard |
+61 (8) 7324 1935 |
Thor Mining PLC |
CFO/Company Secretary |
Gerry Beaney/ David Hignell |
+44 (0) 207 383 5100 |
Grant Thornton Corporate Finance |
Nominated Adviser |
Nick Emerson/ Renato Rufus |
+44 (0) 1483 413500 |
Simple Investments |
Broker |
Alex Walters |
+44 (0) 7771 713608 +44 (0) 207 839 9260 |
Cadogan PR |
Financial PR |
Updates on the Company's activities are regularly posted on Thor's website www.thormining.com, which includes a facility to register to receive these updates by email.
