Thor gets cash injection from tax credits, fluorite rights sale

(Sharecast News) - Thor Energy announced the receipt of payments amounting to AUD 0.41m (£0.21m) on Monday, from a combination of a research and development tax rebate and proceeds from a partial licence sale within the Molyhil Joint Venture. The AIM-traded firm said the R&D tax rebate, totalling AUD 0.22m, was awarded under the Australian R&D Tax Incentive scheme.

It said it received the rebate for exploration work at its Alford East Oxide Copper project.

Additionally, Thor confirmed the sale of certain fluorite rights related to the Molyhil Joint Venture.

Investigator Resources, which is earning an 80% interest in the Molyhil Project, and Tivan had agreed to sell the rights, entitling Thor to a total of AUD 0.2m.

Half of the sum had already been received following the signing of the agreement, with the balance due upon licence transfer in the near term.

"I am always pleased to report on cash amounts of all sizes, being inbound to the company," said executive chairman Alastair Clayton.

"Not only does this improve funds available for exploration but it helps reduce shareholder dilution going forward.

"Should they conclude, I look forward to updating shareholders on several more potentially cash-generative initiatives currently in contemplation."

At 0945 GMT, shares in Thor Energy were down 5.81% at 0.73p.

Reporting by Josh White for Sharecast.com.