Thor Announces US$10 Million Brokered Private Placement Financing
1
NEWS RELEASE
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR
DISTRIBUTION TO U.S. WIRE SERVICES
FOR IMMEDIATE RELEASE TSXV: THX
June 12, 2020 Shares Outstanding: 545,647,445
Vancouver, British Columbia
THOR ANNOUNCES US$10 MILLION BROKERED PRIVATE PLACEMENT FINANCING
Vancouver, BC – June 12, 2020 – Thor Explorations Ltd. (TSXV: THX) (“ Thor” or the “Company”)
announces that it intends to raise up to approximately US$10 million and in cooperation with
certain shareholders place up to approximately US$5 million of previously issued stock via a best
efforts brokered private placement.
The private placement will consist of up to 40 million units with each unit comprising up to 2
common shares issued from Treasury at a price of C$0.18 per share (for up to 80 million common
shares) (“Treasury Offering”) and up to 1 previously issued common share (for up to 40 million
common shares) issued at a price of C$0.16 per share (“Secondary Sale”).
The Private Placement will be co-led by H & P (Advisory) Limited and Paradigm Capital Inc.
The Private Placement is expected to close on July 2, 2020 and is subject to regulatory approval,
including conditional approval of the TSX Venture Exchange. All securities issued pursuant to the
Private Placement will have a hold period of four months and one day.
With the development of the Segilola gold project already fully funded and in construction, and
production scheduled for Q2 2021, the Company intends to use the net proceeds from the Private
Placement to fund exploration drilling of the Segilola underground resource and identified
satellite targets in proximity to the Segilola gold project. The proceeds will also be used to
progress exploration at its prospective Douta Gold Project in Senegal, and for general working
capital purposes.
The securities have not been, and will not be, registered under the Unites States Securities Act
of 1933, as amended (the “ U.S. Securities Act”), or any U.S. state security laws, and may not be
2
offered or sold in the Unites States without registration under the U.S. Securities Act and all
applicable state securities laws or compliance with requirements of an applicable exemption
therefrom. This news release shall not constitute an offer to sell or the solicitation of an offer to
buy securities in the Unites States, nor shall there be any sale of these securities in any jurisdiction
in which such offer, solicitation or sale would be unlawful.
About Thor
Thor Explorations Ltd. is a Canadian mineral exploration 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 49%
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.
Segun Lawson
President & CEO
For further information, please visit www.thorexpl.com or contact:
Telephone: (778) 373-0102
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.
Cautionary Statement
The information contained herein contains "forward-looking statements" within the meaning of
applicable securities legislation. Forward-looking statements relate to information that is based
on assumptions of management, forecasts of future results, and estimates of amounts not yet
determinable. Any statements that express predictions, expectations, beliefs, plans, projections,
objectives, assumptions or future events or performance are not statements of historical fact and
may be "forward-looking statements." Forward-looking statements are subject to a variety of
risks and uncertainties which could cause actual events or results to differ from those reflected in
the forward-looking statements, including, without limitation: risks related to the TSXV approval
3
of the Private Placement, risk related to the failure to obtain adequate financing on a timely basis
and on acceptable terms; risks related to the outcome of legal proceedings; political and
regulatory risks associated with mining and exploration; risks related to the maintenance of stock
exchange listings; risks related to environmental regulation and liability; the potential for delays
in exploration or development activities or the completion of feasibility studies; the uncertainty
of profitability; risks and uncertainties relating to the interpretation of drill results, the geology,
grade and continuity of mineral deposits; risks related to the inherent uncertainty of production
and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility
and feasibility studies, and the possibility that future exploration, development or mining results
will not be consistent with the Company's expectations; risks related to commodity price
fluctuations; and other risks and uncertainties related to the Company's prospects, properties and
business detailed elsewhere in the Company's disclosure record. Should one or more of these risks
and uncertainties materialize, or should underlying assumptions prove incorrect, actual results
may vary materially from those described in forward-looking statements. Investors are cautioned
against attributing undue certainty to forward-looking statements. Forward-looking statements
in this news release may include, without limitation, statements relating to the TSXV approval of
the Private Placement, the ability of the Company to close the Private Placement and the use of
proceeds from the Private Placement. These forward-looking statements are made as of the date
hereof and the Company does not assume any obligation to update or revise them to reflect new
events or circumstances, except in accordance with applicable securities laws. Actual events or
results could differ materially from the Company's expectations or projections.