- Thor Mining (THR) has completed the acquisition of American Vanadium, including its subsidiaries and uranium and vanadium projects
- American Vanadium owns companies with interests in uranium and vanadium projects in the U.S. states of Colorado and Utah
- Thor Mining issued 24 million ordinary shares, in order to gain 100 per cent interest in American Vanadium
- The consideration also included a $100,100 exclusivity fee, and a series of future payments based on performance
- Thor Mining closed 8.33 per cent in the green for 1.3 cents per share
Thor Mining (THR) has completed the acquisition of American Vanadium, including its subsidiaries and uranium and vanadium projects.
American Vanadium is an Australian private company, which owns 100 per cent of shares in Standard Minerals INC and Cisco Minerals INC. Standard and Cisco are located in the U.S. states of Colorado and Utah, respectively, and have interests in uranium and vanadium projects.
The company first announced that it had secured an exclusive option to acquire American Vanadium in early June, 2020.
Thor Mining has already paid a $100,100 exclusivity fee, approximately half of which was satisfied through the issue of 8.35 million shares in Thor. The company will now issue 24 million of its ordinary shares, in order to satisfy a $144,000 acquisition fee and gain 100 per cent interest in American Vanadium.
Consideration for the acquisition also includes an agreement to a series of future payment, based on milestone performance. If the newly acquired Radium Mountain and Wedding Bell prospects return certain grades of uranium or vanadium, Thor Mining will issue up to 102 million ordinary shares in three stages.
Thor Mining’s Executive Chairman, Mick Billing, commented on what this latest acquisition will bring to the company’s portfolio of assets.
“We are very pleased to complete the acquisition of 100 per cent of American Vanadium and its high-grade uranium and vanadium claims. Thor has a well-balanced portfolio of very attractive assets with copper, gold, tungsten, and now uranium and vanadium,” he said.
Thor Mining closed 8.33 per cent in the green for 1.3 cents per share.