Thor Closes Increased Size of Private Placement
Suite 250, 1075 West Georgia Street
Vancouver, BC, Canada V6E 3C9
Tel: 44 (0)7932.420.902 Fax: 1.604.639.4670
NEWS RELEASE
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR
DISTRIBUTION TO U.S. WIRE SERVICES
FOR IMMEDIATE RELEASE TSXV: THX
June 26, 2017 Shares Outstanding: 301,318,970
Vancouver, British Columbia
Thor Closes Increased Size of Private Placement
Thor Explorations Ltd. (TSX VENTURE: THX) (“Thor” or the “Company”) is pleased to
announce that it has closed and increased size of its Private Placement.
As a result of demand for the private placement announced on May 12, 2017 have been
revised. The Company has elected to increase the maximum size of the private placement
from $2,400,000 to $2,418,895 (the “Offering”).
The Company also announces that this non-brokered private placement of common shares
has closed. Under the terms of the private placement, the Company issued 16,125,967
Common Shares at a price of $0.15 per Common Share raising gross proceeds of $2,418,895.
The Company will pay $103,613.39 as finder’s fees to third party finders.
The Offering was closed in two tranches:
Tranche 1 closed on May 19, 2017 per the market announcement of the same date. Under
this tranche the Company issued 12,666,134 Common Shares raising gross proceeds of
$1,899,920.
Tranche 2 on June 23, 2017. Under this tranche the Company issued 3,459,833 Common
Shares raising gross proceeds of $518,975.
The Common Shares issued pursuant to the private placement are subject to a 4-month
hold period in Canada expiring as follows:
Tranche 1 – September 20, 2017; and
Tranche 2 – October 24, 2017.
The Offering is subject to all necessary regulatory approvals, including the approval of the
TSX Venture Exchange. The securities being issued pursuant to the Offering will be subject
to a four month hold period in accordance with applicable Canadian securities law. A
finder’s fee may be payable to parties at arm’s length to the Company that have introduced
the Company to certain subscribers participating in the Offering.
The Company intends to use the proceeds of the Offering to continue its exploration
activities on the Segilola Project and working capital purposes.
Segun Lawson commented: “this is an exciting period for us as this successful fundraising
enables Thor to continue to advance the Segilola Gold Project, where it has an on-going
diamond drilling campaign, and carry out exploration work on the Douta Project in Senegal.
We expect to generate substantial news flow in the coming months as we produce results
from the two programs”
About Thor
Thor Explorations Ltd. is a Canadian mineral explorat ion company engaged in the
acquisition, exploration and development of mineral properties located in Nigeria, Senegal
and Burkina Faso. Thor holds a 100% interest in the Segilola Gold Project located in Osun
State of Nigeria and a 70% interest in the Douta Gold Project located in south-eastern
Senegal. Thor also holds a 100% interest in the Bongui and Legue gold permits located in
Houndé greenstone belt, south west Burkina Faso. Thor trades on the TSX Venture Exchange
under the symbol "THX".
THOR EXPLORATIONS LTD.
Per: “Segun Lawson”
President & CEO
For further information please contact:
Tel: 44 (0)7932 420 902
Fax: 604-434-1487
Email: [email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined
in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.