Thor Explorations Ltd. said Sept. 4 that it closed a private placement of units to raise C$8 million.
The company said in early August that the placement targeted up to C$10 million through the issue of 55,555,556 units at 18 Canadian cents each. In the latest statement, the company said 44,453,335 units were issued.
Thor Explorations will primarily use the funds for a definitive feasibility study and further exploration of its Segilola gold project in Nigeria, with proceeds also going toward exploration on its early stage Douta gold property in Senegal and working capital purposes.
President and CEO Segun Lawson noted that the company's Segilola study and planned exploration programs are fully funded.