Thor Energy plc (LON:THR, ASX: THR, OTCQB: THORF) has reported the signing of an agreement for Future Equity and Collaboration between private company EnviroCopper Limited, in which Thor is the largest individual shareholder at just over 24%, and an international company. The Investor has agreed to invest A$3.5m into ECL’s ISR (in-situ recovery) technology and its Kapunda and Alford copper projects in South Australia.
Highlights:
· Investor to fund A$3.5m to collaborate on ECL’s projects and ISR technologies.
· Investor may elect to convert the A$3.5m investment into 972,222 shares in ECL at A$3.60 per share.
· Thor owns 1,157,143 shares in ECL.
Alastair Clayton, Thor Energy Chairman, commented:
“We are delighted to report that the investee company ECL has attracted a significant investment and formed a collaborative partnership with a large international company that has requested, for commercial reasons, to stay unnamed for the time being. This agreement gives me great optimism about the future value of our investment. We look forward to reporting on ECL’s progress at the Kapunda and Alford ISR Copper projects in South Australia.”
About EnviroCopper Limited
ECL was established in 2017 and is a copper ISR specialist focused on its Kapunda and Alford West ISR projects in South Australia. ECL’s specialist team has significant experience in copper ISR technology development. Through collaboration with leading universities and research institutions under a Commonwealth Government CRC-P Research grant in 2018, ECL is achieving successful outcomes in ISR mining study economics, environmental mitigation and community acceptance of this extension to existing ISR technology.
For more information, please see: https://www.envirocopper.com.au/
Corporate Focus Remains on HY-Range
Whilst looking to monetise much of our legacy portfolio, the corporate focus of Thor Energy remains on its HY-Range natural hydrogen and helium project in South Australia. The transaction represents a means by which Thor can monetise the value of its interest in its non-core projects.
