Thor raises funds for WA, NT projects

South Australia’s Thor Mining has raised $1.5 million, primarily to fund continued exploration at its Ragged Range gold and nickel project in the Pilbara.

Thor will also allocate the funds toward exploring its Molyhill tungsten-molybdenum project in the Northern Territory and working capital.

The company will issue around 123 million shares and 61.5 million warrants.

Thor managing director Nicole Galloway Warland said the extra capital would allow the company to continue intensive exploration work at Ragged Range – located 40 kilometres west of Nullagine – and Molyhill.

“We are very pleased to have ongoing support from the company’s existing shareholders, and welcome new shareholders to our share register, who recognise the potential of our Ragged Range and Molyhill projects,” she said.

“These funded activities create short- and medium-term value for our shareholders on exploration success.”

Thor’s share price remains unchanged, closing at 1.4 cents on Thursday.