AMN - NIGERIA: Thor reaches full funding for Segilola

Thor Explorations has closed a non-brokered private placement of more than 28 million shares of the company with the Africa Finance Corporation (AFC) for gross proceeds of C$5,643,150 (US$4,250,000). This means that the company has reached full funding of the Segilola Gold Project in Nigeria.

The company has also issued of 34.75 million shares against US$5 million of invoices under its EPC schedule.

In aggregate, the company has closed a total of C$13 million (US$9.25 million) through the issuance of 62,965,750 common shares at a price of C$0.20 per share.

Closing of the private placement comes following the signing of definitive documentation with the AFC for the provision of a US$54 million senior secured credit facility and a US$21 million gold stream prepayment.

Thor will use the net proceeds from the private placements and AFC financings to advance the major component of the capital cost and working capital requirements to construct the Project and general working capital purposes.

The company also announces that as a result of the COVID-19 pandemic it will be relying on the coordinated relief provided by the securities regulators for an extension to the deadline for certain periodic filings.

Thor Explorations Lt. is a Canadian mineral exploration company engaged in the acquisition, exploration and development of mineral properties in Nigeria, Senegal and Burkina Faso.

Thor holds a 100% interest in the Segilola Gold Project in Osun State of Nigeria and a 70% interest in the Douta Gold Project in south-eastern Senegal. It also holds a 49% interest in the Bongui and Legue gold permits in the Hounde greenstone belt of southwest Burkina Faso.

Africa Finance Corporation (AFC), an investment grade multilateral finance institution, was established in 2007 with an equity capital base of US$1 billion, to be the catalyst for private-sector-led infrastructure investment across Africa.

AFC has a current balance sheet size of approximately US$5.07 billion and is the second-highest investment-grade-rated multilateral financial institution in Africa. AFC invests in high-quality infrastructure assets in Africa that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport and telecommunications.

To date, AFC has invested approximately US$6.6 billion in project across 30 African countries.

www.thorexpl.com