A Memorandum of Understanding (MOU), subject to a 90 day due diligence period, has been executedbetween Thor Mining, Environmental Copper Recovery Pty Ltd (“ECR”) (holding earn-in rights to 75% of thatpart of the Kapunda Copper project amenable to ISR), and Environmental Metals Recovery Pty Ltd (holdingearning rights, subject to due diligence, to 75% of Moonta copper project comprising the northern portionof exploration licence EL5984), for the merging of the respective interests, and the formation of EnviroCopper Limited, to hold and advance those interests.
Thor Mining PLC holds rights to a 60% interest in ECR for the consideration of A$1.8million in project funding(A$0.45 million funded to date). Under the MOU, Thor will relinquish its interest in ECR and acquire a 25%,pre-listing, interest in Enviro Copper for total funding of A$0.6million (including funds already provided).Further Thor will hold the right to acquire a further 5% seed capital interest in Enviro Copper Limited forconsideration of an additional A$0.4 million.
The Agreement is conditional upon execution of a binding Farm-in and Joint Venture Agreement in respectof the Kapunda project, and also upon satisfactory due diligence in respect of the Moonta project acquisitionfrom Andromeda Metals Limited (ASX: ADN) by Environmental Metals Recovery Pty Ltd (refer ADNannouncement to ASX dated 19 December 2018).
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