VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 25, 2012) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES
Thor Explorations Ltd. (TSX VENTURE:THX) ("Thor" or the "Company") intends to complete a new non-brokered private placement ("Private Placement") of up to 8,400,000 common shares of the Company ("Common Shares") at a price of $0.15 per Common Share, for aggregate gross proceeds of up to $1,260,000.
The Company is pleased to announce that it has closed the first tranche of the Private Placement, and has issued 5,616,103 Common Shares at a price of $0.15 per Common Share, raising gross proceeds of $842,416. The Common Shares issued are subject to a 4-month hold period in Canada expiring November 24, 2012. The Company also paid finder's fees on closing of the Private Placement of $39,388 through the issuance of 262,583 Common Shares to a third party finder.
The net proceeds raised pursuant to the new private placement will be used for exploration activities and working capital purposes.
Thor Explorations Ltd. is a Canadian mineral exploration company engaged in the acquisition, exploration and development of mineral properties located in Senegal and Burkina Faso. Thor holds a 70% interest in the Douta Gold Project located in southeastern Senegal. The Douta Gold Project lies within the Kéniéba Inlier which hosts in excess of 40Moz of gold and has attracted major international mining companies. Thor trades on the TSX Venture Exchange under the symbol "THX".
THOR EXPLORATIONS LTD.
Segun Lawson, President & CEO
This press release does not constitute an offer to purchase securities. The securities to be offered in the offering have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to, or for the benefit or account of, a U.S. person, except pursuant to an available exemption from such registration requirements.
Cautionary Note Regarding Forward-Looking Statements
Except for the statements of historical fact contained herein, the information presented constitutes "forward-looking statements". Such forward-looking statements, including but not limited to the use of the proceeds of the private placement. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Shares Outstanding: 74,142,559
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.