Thor Energy says strong support for A$1.3mln placement shows confidence in projects
14.05.2024 | NewsDirect
Thor Energy plc managing director Nicole Galloway Warland joined Proactive's Stephen Gunnion with more details on a A$1.3 million share placing, targeted at investment in its uranium and copper projects in the United States and Australia.Galloway Warland noted strong support from both existing and new shareholders, reflecting confidence in the company's growth potential. The expanded shareholder base now includes new institutional investors. Additionally, company directors, including Galloway Warland and chairman Alastair Clayton, have increased their investments, contingent on shareholder approval, further demonstrating their belief in the company's prospects.
The funds will primarily facilitate the next stages of exploration and drilling at several key sites, including Wedding Bell at Radium Mountain and Vanadium King in the US, as well as advancing its copper assets in Australia. With uranium prices currently favourable, the company sees this as an optimal time to accelerate their projects, particularly given the increased activity in the uranium and vanadium sectors.
In Australia, the focus is on gaining approvals for in-situ recovery methods and conducting pump testing to evaluate the environmental and cost implications, aligning with ESG principles.
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