Australian miner Thor Mining said Wednesday it has raised some A$173,000 worth of funds to support advancement plans into its gold and tungsten projects in Western Australia and the Northern Territory.
Thor Mining, an exploration company mainly focused on gold and base metal projects and advancing tungsten-molybdenum projects in Australia, said the funds were acquired by placing 11.25 million new ordinary shares to UK sophisticated clients of Simple Investments, the company's broker, at £0.01 (A$0.02) per share.
Thor Mining completed a similar capital raising activity in November when it issued 27 million shares to UK sophisticated clients of Simple Investments at £0.01 each for a total of £270,000 (A$419,871).
The generated funds will help finance the miner's aggressive exploration and evaluation programs at the Dundas and Spring Hill gold projects, located in Western Australia and Northern Territory, respectively, it will also fund the Molyhil Tungsten/Molybdenum Project (NT) feasibility study at the Northern Territory.
As of end September quarter, Thor Mining had A$1.64 million cash in its coffers.
Molyhil's current resource is at 3.75 million tonnes at 0.32 per cent tungsten, 0.19 per cent molybdenum and 28 per cent iron.