Thor Energy (ASX:THR) facilitates EnviroCopper's acquisition of exploration license on Yorke Peninsula

Thor Energy announced an agreement for EnviroCopper to acquire exploration licence 5984 on the Yorke Peninsula, South Australia, from Andromeda Metals (ASX:ADN).

The deal will involve the consolidation of the Alford West joint venture and other in-situ recovery targets, with 100% of ownership transferring to EnviroCopper.

In return, Andromeda is to receive 5% of the current EnviroCopper capitalisation in shares, $50,000 in cash, and deferred consideration as a 10% share of any successful mining operations' royalty tenement operating cashflow on the Alford West Project area and Moonta Project area, not exceeding $15 million each.

The deal will dilute Thor's equity in EnviroCopper to 28.6%.