(Alliance News) - Thor Explorations Ltd on Wednesday said it intends to list on the AIM market of the London Stock Exchange, as a supplementary listing to its TSX Venture Exchange listing in Canada.
Thor Explorations is a West Africa-focused gold mining firm, with its flagship Segilola gold mine in Nigeria currently under construction. The company also owns other development and exploration projects in Nigeria, as well as a 70% economic interest in what it calls a highly prospective region in Senegal.
The Segilola project, which is scheduled to deliver first gold pour in June, has a total probable reserve of 517,800 ounces at 4.02 grams per tonne of gold. It has a project net present value of USD311 million at a 5% discount rate.
Thor expects to achieve admission within the second quarter of 2021 and has appointed Canaccord Genuity as its nominated adviser and joint broker, alongside Hannam & Partners as joint broker.
The company expects the dual-listing to further raise its profile, increase access to UK and European investors and provide additional liquidity for Thor's shareholders.
Thor did not state the size of the IPO, how many shares would be issued, or at what price.
"This year, the company is well positioned to achieve two major milestones with the commencement of gold production at Segilola in Nigeria and a maiden resource at Douta in Senegal, as well as continuing to progress our highly prospective Nigerian exploration portfolio on the Ilesha Schist belt," said Chief Executive Officer Segun Lawson.
"The company is seeking admission to AIM with near term production, a clearly defined growth strategy, a positive market setting for gold and a track record of exploration and development success. I am looking forward to working with our existing and new investors in the London market to deliver the significant potential of this company," Lawson added.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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