Thor Explorations Ltd (CVE:THX) announced news today that it intends to raise up to C$20 million in financing to push forward a number of projects.
The company is offering 100.5 million shares of the company at a price of C$0.20, for gross proceeds of C$20.1 million.
The company said funds raised would go towards development of the Segilola gold project in Nigeria, further exploration in Nigeria and at Douta Project in Senegal and for general corporate purposes.
The company said the placement is subject to all necessary regulatory approvals and securities being issued will be subject to a four-month hold period.
The Canadian mineral exploration company is focused on exploration and development in West Africa. Thor holds a 100% interest in the Segilola gold project in the Osun state of Nigeria and a 70% interest in the Douta gold project in south-eastern Senegal. Thor also holds a 49% interest in the Bongui and Legue gold permits located in Houndé greenstone belt, in southwest Burkina Faso.
Last week, the company was granted two new gold exploration licenses in Nigeria as the company continues to progress with its work in the West African country.
Shares were at C$0.16 on Tuesday.
Contact Katie Lewis at [email protected]