|Thor Explorations Ltd. (TSX VENTURE:THX) ("Thor" or the "Company") intends to complete a non-brokered private placement of up to 5,000,000 Common Shares at a price of $0.15 per Common Share, for an aggregate gross proceeds of up to $750,000. |
The Company is pleased to announce that the Company has closed a first tranche of financing in respect of this private placement. The Company issued 3,320,945 Common Shares at a price of $0.15 per Common Share, raising gross proceeds of $498,142. The Company also paid finder's fees in respect of the first tranche of $21,650 through the issuance of 144,331 Common Shares to two third party finders.
The Common Shares issued pursuant to the first tranche of the private placement are subject to a 4-month hold period in Canada expiring October 16, 2012.
The net proceeds raised pursuant to the private placement will be used for exploration activities and working capital purposes.
Thor Explorations Ltd. is a Canadian mineral exploration company engaged in the acquisition, exploration and development of mineral properties located in Senegal and Burkina Faso. Thor holds a 70% interest in the Douta Gold Project located in southeastern Senegal. The Douta Gold Project lies within the Kéniéba Inlier which hosts in excess of 40Moz of gold and has attracted major international mining companies. Thor trades on the TSX Venture Exchange under the symbol "THX".
THOR EXPLORATIONS LTD.
Per: "Segun Lawson"
President & CEO
For further information please contact:
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
This press release does not constitute an offer to purchase securities. The securities to be offered in the offering have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to, or for the benefit or account of, a U.S. person, except pursuant to an available exemption from such registration requirements.
Cautionary Note Regarding Forward-Looking Statements
Except for the statements of historical fact contained herein, the information presented constitutes "forward looking statements". Such forward-looking statements, including but not limited to the use of the proceeds of the private placement. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.