Thor Mining accepts debt facility from private investor

Dual listed Thor Mining announced Friday that it has accepted a committed offer for a three-year term one million Australian dollar secured debt facility from a private investor.

Dual listed Thor Mining announced Friday that it has accepted a committed offer for a three-year term one million Australian dollar secured debt facility from a private investor.

Under the agreement, the facility will be made available in two equal tranches, the first following formal documentation and the completion of certain conditions, and the second following the satisfaction of certain other conditions after September 30th 2013.

The funds will be used towards the exploration and development of the company's Molyhil Tungsten/Molybdenum Project and the Spring Hill Gold Project, both located in Northern Territory, Australia, as well as towards Thor's working capital requirements.

The interest rate on the facility will be 7.0% per annum, paid every six months.

Mick Billing, Executive Chairman of Thor, said: "We are very pleased to have secured this facility which demonstrates investor confidence in Thor and our projects. It will allow us to confidently plan ongoing activities, including work which has the potential to add to project life and value at Molyhil, and follow up promising exploration opportunities at Molyhil, Spring Hill and Dundas."

Under the agreement, Thor will also issue the lender a number of options equal to a percentage of the face value of the second tranche at two different stages.

NR

Recommended

Why it pays to face up to your investment mistakes
Investment strategy

Why it pays to face up to your investment mistakes

Buying stocks can be a complicated business. But selling stocks can be tricky, too – even if you sell for the right reasons. Max King explains how to …
17 Sep 2021
Share tips of the week – 17 September
Share tips

Share tips of the week – 17 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
17 Sep 2021
Royal Mail will deliver for investors – here's how to play it
Trading

Royal Mail will deliver for investors – here's how to play it

Royal Mail Group has found its feet in the past 18 months and looks cheap. Matthew Partridge looks at how to trade the shares.
14 Sep 2021
The times may be changing, but don’t change how you invest
Small cap stocks

The times may be changing, but don’t change how you invest

We are living in strange times. But the basics of investing remain the same: buy fairly-priced stocks that can provide an income. And there are few be…
13 Sep 2021

Most Popular

The times may be changing, but don’t change how you invest
Small cap stocks

The times may be changing, but don’t change how you invest

We are living in strange times. But the basics of investing remain the same: buy fairly-priced stocks that can provide an income. And there are few be…
13 Sep 2021
Two shipping funds to buy for steady income
Investment trusts

Two shipping funds to buy for steady income

Returns from owning ships are volatile, but these two investment trusts are trying to make the sector less risky.
7 Sep 2021
Should investors be worried about stagflation?
US Economy

Should investors be worried about stagflation?

The latest US employment data has raised the ugly spectre of “stagflation” – weak growth and high inflation. John Stepek looks at what’s going on and …
6 Sep 2021