Thor Explorations Ltd.
TSX VENTURE : THX

February 01, 2012 17:29 ET

Thor Announces Closing of Private Placement Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 1, 2012) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES

Thor Explorations Ltd. (TSX VENTURE:THX) ("Thor" or the "Company") is pleased to announce the closing of a non-brokered private placement. Gross proceeds of $803,504 were raised pursuant to the private placement and the Company intends to use the gross proceeds for exploration activities and working capital purposes.

Under the terms of the private placement, the Company issued 5,356,693 Common Shares at a price of $0.15 per Common Share. The Company also paid finder's fees of $20,000 through the issuance of 133,333 Common Shares to a third party finder. The Common Shares issued pursuant to the private placement are subject to a 4-month hold period in Canada expiring June 2, 2012.

THOR EXPLORATIONS LTD.

Segun Lawson, President & CEO

This press release does not constitute an offer to purchase securities. The securities to be offered in the offering have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to, or for the benefit or account of, a U.S. person, except pursuant to an available exemption from such registration requirements.

Cautionary Note Regarding Forward-Looking Statements

Except for the statements of historical fact contained herein, the information presented constitutes "forward looking statements". Such forward-looking statements, including but not limited to the use of the proceeds of the private placement. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Shares Outstanding: 53,151,934

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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