Thor Explorations Ltd. (TSX- V: THX) is pleased to announce it has closed its previously announced private placement with Sprott Capital Partners, a division of Sprott Private Wealth LP, as lead agent, which, together with a syndicate of agents, for 44,453,335 units of the Company at a price of $0.18 per unit.  Each unit consists of one common share of the Company and one common share purchase warrant.  Each Warrant entitles the holder to purchase a common share of the Company at a price of $0.28 for a period of thirty-six months. The aggregate gross proceeds of the Offering totalled $8.0 million.

The Agents received a cash commission on the sale of the Offering of $357,792, plus $30,000 as an advisory fee. The Agent also received 1,497,867 broker warrants plus 166,667 broker warrants as an advisory fee, each broker warrant being exercisable for a common share at C$0.18 for a period of two years from the date of closing. However, if at any time after four months and one day after August 31, 2018 the Common Shares trade on the TSX Venture Exchange at a closing price equal to or greater than $0.36 for a period of twenty consecutive trading days, the Company may exercise a right to accelerate the expiry date of the Warrants and/or broker warrants by giving notice to the holders of the Warrants and, with respect to the broker warrants, the Agent within five trading days after such event that the Warrants and/or broker warrants shall expire days from the date of such notice.

The net proceeds of the Offering shall be used primarily for the completion of DFS workstreams and further exploration on the Company’s Segilola Gold Project in Nigeria and the balance shall be used for  exploration activities on the Company’s Douta Project in Senegal and for working capital purposes.

The Offering is subject to the receipt of all necessary approvals, including the final approval of the TSX Venture Exchange. All securities issued in connection with the Offering are subject to a statutory four-month hold period. 

All securities issued in connection with the Offering are subject to a statutory four-month hold period, which shall expire on January 1, 2019.

Segun Lawson, President & CEO, stated, “This is a significant milestone for Thor, being our largest equity placement to date. This is a real endorsement of the quality of Thor’s projects. The Segilola Definitive Feasibility Study and proposed exploration programs are fully funded.”

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”.