Dual listed Thor Mining announced Friday that it has accepted a committed offer for a three-year term one million Australian dollar secured debt facility from a private investor.

Under the agreement, the facility will be made available in two equal tranches, the first following formal documentation and the completion of certain conditions, and the second following the satisfaction of certain other conditions after September 30th 2013.

The funds will be used towards the exploration and development of the company's Molyhil Tungsten/Molybdenum Project and the Spring Hill Gold Project, both located in Northern Territory, Australia, as well as towards Thor's working capital requirements.

The interest rate on the facility will be 7.0% per annum, paid every six months.

Mick Billing, Executive Chairman of Thor, said: "We are very pleased to have secured this facility which demonstrates investor confidence in Thor and our projects. It will allow us to confidently plan ongoing activities, including work which has the potential to add to project life and value at Molyhil, and follow up promising exploration opportunities at Molyhil, Spring Hill and Dundas."

Under the agreement, Thor will also issue the lender a number of options equal to a percentage of the face value of the second tranche at two different stages.

NR

Related share prices
Thor Mining (THR) share price