Thor Mining USA Lithium sale back on again

   Thor Mining {AIM / ASX: \ THR}

The Company notes an announcement on ASX of 26 June 2018 by Hawkstone Mining Limited (ASX: HWK) that the previously terminated, conditional agreement for the acquisition of 100% of the shares of USA Lithium has been restructured.

 

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26 June 2018

THOR MINING PLC

US Lithium Investment Update

 

Further to its announcements of 29 March 2018, 10 April 2018, 8 June 2018, and 15 June 2018 the Board of Thor Mining Plc (“Thor” or the “Company”) (AIM, ASX: THR), provides the following update on the proposed disposal of the Company’s interest in USA Lithium Pty Ltd (“USA Lithium”).

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The Company notes an announcement on ASX of 26 June 2018 by Hawkstone Mining Limited (“Hawkstone”) (ASX: HWK) that the previously terminated, conditional agreement for the acquisition of 100% of the shares of USA Lithium has been restructured.

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Consideration for the acquisition remains unchanged, however the issue of consideration shares for the acquisition has now been agreed as:

   1.    Initial consideration shares - 125,000,000 Ordinary Shares on completion; 
   2.    Deferred consideration shares - 125,000,000 Ordinary Shares; subject to

a. Buyer within 36 months from completion, declaring an inferred resource at the Big Sandy Lithium Project of not less than 30 million tonnes at a grade greater than 2,000ppm Lithium (Li) (or equivalent, subject to a minimum average grade of 1,000ppm Li); and

   b.      ASX granting a waiver from Listing Rule 7.3.2 for the issue of the Deferred shares

The acquisition is subject to a number of other completion conditions including a capital raising by Hawkstone of $2,750,000 and approval of shareholders. Hawkstone has indicated that a meeting of shareholders to approve this revised agreement will now be held in early August 2018.

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A copy of the announcement by Hawkstone may be accessed via the following link:

https://www.asx.com.au/asxpdf/20180626/pdf/43w1pndfs9hynj.pdf

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With effect from 14 June 2018 Thor’s requirement to return 10% of disposal proceeds to Pembridge reduced to 5% for a further 12 months.

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Further announcements on this project will be made in due course.