Thor Explorations Announces Exercise of Share Options and Director Dealings

Vancouver, British Columbia–(Newsfile Corp. – June 6, 2023) – Thor Explorations Ltd. (TSXV: THX) (AIM: THX) (“Thor Explorations” or the “Company”) announces the exercise of share options (“Options”) for a total of 1,500,000 common shares without par value at 14.5 Canadian Dollar cents per common share in the share capital of the Company (“New Shares”). The Options have been exercised by Company Director Mr Folorunso Adeoye for total consideration of C$217,500. The New Shares will rank pari passu with the existing shares and application has been made for the 1,500,000 New Shares to be admitted to trading on AIM (“Admission”) on 9 June 2023. The New Shares will also trade on the TSX Venture Exchange.Following the Admission, Thor Explorations’ issued share capital will consist of 645,233,413 common shares and Mr Adeoye (and persons closely associated with him) will have a beneficial holding of 21,349,721 common shares which equates to 3.3% of the total issued share capital in the Company. The Company does not hold any shares in treasury. Shareholders may use this figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company. In addition to the exercise of options, the Company also announces that Mr Adrian Coates, Non-Executive Chairman, carried out a “Bed and ISA” transaction, having transferred 116,500 common shares from his share dealing account to his ISA, on 2 June 2023.The beneficial holding of Mr Coates (and persons closely associated with him) is unchanged following this transaction and Mr Coates remains beneficially interested in 1,350,000 Common Shares representing approximately 0.21% of the total issued share capital in the Company.About Thor ExplorationsThor Explorations Ltd. is a mineral exploration company engaged in the acquisition, exploration, development of mineral properties located in Nigeria, Senegal and Burkina Faso. Thor Explorations holds a 100% interest in the Segilola Gold Project located in Osun State of Nigeria and has a 70% economic interest in the Douta Gold Project located in south-eastern Senegal. Thor Explorations trades on AIM and the TSX Venture Exchange under the symbol “THX”. For further information please contact: Thor Explorations LtdEmail: info@thorexpl.comCanaccord Genuity (Nominated Adviser & Broker)Henry Fitzgerald-O’Connor / James Asensio / Thomas DiehlTel: +44 (0) 20 7523 8000Hannam & Partners (Broker)Andrew Chubb / Matt Hasson / Jay Ashfield / Franck NganouTel: +44 (0) 20 7907 8500Fig House Communications (Investor Relations)Tel: +1 416 822 6483Email: investor.relations@thorexpl.comIbu Lawson (Investor Relations)Tel: +447909825446Email: ibu.lawson@thorexpl.comBlytheRay (Financial PR)Tim Blythe / Megan Ray / Said IzagarenTel: +44 207 138 3203Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release does not constitute an offer to purchase securities. The securities to be offered in the offering have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to, or for the benefit or account of, a U.S. person, except pursuant to an available exemption from such registration requirements. The following disclosures are made in accordance with Article 19 of the UK Market Abuse Regulation 596/2014 as it forms part of UK law.1.Details of the person discharging managerial responsibilities / person closely associateda)NameFolorunso Adeoye2.Reason for the notification a)Position / statusNon-Executive Directorb)Initial notification / amendmentInitial notification3.Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitora)NameThor Explorations Ltdb)LEI213800AXZ8468CQYVT764.Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducteda)Description of the financial instrument, type of instrumentIdentification CodeCommon Shares of no par valueb)Nature of the transaction(s)Acquisition of common shares via exercise of optionsc)Price(s) and volume(s)Price(s)Volume(s)C$14.5 cents1,500,000d)Aggregated information- Aggregated volume- PricePrice(s)Volume(s)C$14.5 cents1,500,000e)Date of the transaction5 June 2023f)Place of the transactionoutside a trading venue  1.Details of the person discharging managerial responsibilities / person closely associateda)NameAdrian Coates2.Reason for the notification a)Position / statusNon-Executive Chairmanb)Initial notification / amendmentInitial notification3.Details of the issuer , emission allowance market participant, auction platform, auctioneer or auction monitora)NameThor Explorations Ltdb)LEI213800AXZ8468CQYVT764.Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducteda)Description of the financial instrument, type of instrumentIdentification CodeCommon Shares of no par valueCA8851491040b)Nature of the transaction(s)Sale of Common Shares from share dealing accountPurchase of Common Shares into ISA accountc)Price(s) and volume(s)Price(s)Volume(s)17.1 pence116,500d)Aggregated information- Aggregated volume- PricePrice(s)Volume(s)17.1 pence116,500e)Date of the transaction2 June 2023f)Place of the transactionoutside a trading venue  NOT FOR DISSEMINATION IN THE UNITED STATES OR FORDISTRIBUTION TO U.S. WIRE SERVICESTo view the source version of this press release, please visit https://www.newsfilecorp.com/release/168854