24 Jan Junior cap explorers Thor Mining and Metal Tiger team up ahead of future opportunities
A pair of junior exploration and development companies, Thor Mining and Metal Tiger, will team up to assess future commercial opportunities with the latter providing an initial injection of capital.
The cash injection will arrive via share subscription, with Metal Tiger taking 10 million new Thor shares, priced at 3p each on London’s Alternative Investment Market (AIM).
Metal Tiger’s £300,000 investment will support the advancement of Thor’s major assets. These include the Molyhil Tungsten-Molybdenum Project in the Northern Territory, Australia, The Pilot Mountain Tungsten Project in Nevada, US and Adelaide’s Kapunda Copper Mine.
Metal Tiger will also have the right of first refusal to participate in any joint venture, acquisition or similar transaction undertaken by Thor.
“I look forward to working with Metal Tiger and assessing a number of opportunities across our current operational portfolio where there may be potential for collaborative transactions between our companies,” said Mick Billing, Thor Mining’s executive chairman.
“The 90-day first right of refusal period allows us the opportunity to explore opportunities with a degree of commitment and engagement from both companies.”
Meanwhile, Metal Tiger chief executive Michael McNeilly said: “We consider the size, potential and scalability of Thor’s key projects to be of significant interest and that the current valuation placed on Thor offers considerable upside potential for investors.
“We look forward to working with Thor to assess commercialisation opportunities.”