The proceeds will be used to fund ongoing work streams in support of a definitive feasibility study on the company's wholly-owned Segilola gold project, in Nigeria. The units are priced at C18c, for gross proceeds of $10 million. The underwriters have an overallotment option to increase the offering by 15%.
Each unit comprises one Thor common share and once share purchase warrant, which would entitle the holder to buy one additional share at 28c for three years.
The Segilola project is considered Nigeria's most advanced gold project, and boasts an indicated resource of 556,000oz grading 4.2g/t, and a probable reserve of 448,000oz grading 4.2g/t. The project also has an inferred resource of 306,000oz grading 4.7g/t.