This morning, there are going to be a lot of companies that are on the radar of investors, and one such company could be Thor Energy PLC (OTC: THORF). This morning, it emerged that the directors of the company announced that they had received a notification from the ASX-listed Investigator Resources Limited (IVR), which had been operating as Fram as per the provisions of the Heads of Agreement (HOA).
Thor Energy noted that it agreed that Fram had managed to meet the expectations of Stage 1 obligations at the Bonya and Molyhill Projects located in the Northern Territory. It could be a good idea for investors to consider taking a look at some of the highlights from the notification received by the company. Fram, which is a fully owned subsidiary unit of IVR, had completed the Stage 1 obligations related to the financing to the tune of A$1 million for exploration work, in line with the provisions of the HOA signed in November 2022.
As per the terms of the HOA, Fram became entitled to a 25% stake in the tenements following Stage 1 completion. It was also revealed that Fram now had the choice of transferring the 25% interest, and upon doing so, a joint venture would come into effect. IVR would issue A$250000 worth of its shares following the formalization of the 25% joint venture interest as per the terms of the HOA.
It was also noted that Fram would also have the option of carrying on with earning a maximum of 80% interest in the tenements through a three-stage process. The joint venture at Molyhill would also provide Thor Energy with the opportunity to acquire US uranium assets, which are ultimately the priority of the company. It may be a good time to start tracking the Thor Energy stock.
