Osun threatens to petition Toronto Exchange over Thor explorations UK’s refusal to pay for Osun’s Shareholding Interest in Tropical Mines Ltd

CITIZENS COMPASS–Osun State government has vowed to petition Toronto Exchange Over Thor Exploration UK’s refusal to pay for its acquiring interest in Tropical Mines Ltd.

Speaking on behalf of Osun state government , the Financial Consultant to the Office of Mining and Mineral Resources, Dr. Wale Bolorunduro raised serious concerns about the operations of the Segilola Gold Project, managed by subsidiaries of Thor Explorations Ltd, a UK-based company listed on the Toronto Stock Exchange.

Bolorunduro, while presenting his report said the allegations against Thor Explorations Ltd and its subsidiaries mark a significant moment for Osun State, as the government seeks to reclaim its financial rights and ensure compliance with tax regulations.

According to the consultant,”the State Governor, Senator Ademola Adeleke has met with the Chief Executive Officer of Segilola Resources Operating Limited, Mr Segun Lawson, severally and directed the commencement of the payment of claims due to Osun state, only for the company to go to the Federal Ministry of Solid Minerals to mis-represent the issue, allegedly, to evade making good their commitment to pay Osun state for the acquisition of the state’s interest in Tropical Mines Ltd by Thor Explorations UK through Segilola Resources Operating Ltd (SROL). STROL is a subsidiary of Thor UK, which is listed on London and Toronto Stock Exchanges. ”

He noted that ” Osun state Governor Ademola Adeleke had made official submission in writing to the Federal Ministry of Solid Minerals and other federal agencies on the commercial transaction of stripping Osun interest in the Tropical Mines Ltd and our claims, which has nothing to do with the operation of The Nigeria minerals and Mining Act, an exclusive right of Federal Government. ”

“During the last visit to the Federal Ministry of Solid Minerals, to be specific, on the 15th of August 2024, the Federal technocrats including the Permanent Secretary and Directors of the Federal Ministry of Solid Minerals agreed with Osun state contingent that we are free to make our commercial claims on such legacy interest and rights of the state under the shareholding of the legacy Tropical Mines Ltd, now complexly transformed as Thor Explorations UK. ”

“The current government of Osun state is not interested in chasing away Thor Explorations UK, out of Osun state or shutting down the Segilola Gold Project, No!! Governor Adeleke is clear headed and sincere on this; we will encourage them to improve on their business and operational practices, so as to become Senior Miner and bring values to Osun state as its co-shareholders. That’s what private companies do. ”

Bolorunduro stressed that the government has always said he is only interested in the collection of Osun monies for Osun developments and progress.

” He has also said he is not interested in the time wasting probe, required to determine the transaction that led to the stripping of Osun State‘s interest in the ownership of the Tropical Mines Limited (TML) in 2016, but rather, the Governor is focusing on the amount due in two parts as (a) financial considerations on the commercial transaction and (b) the taxes due to the state under Personal Income Tax Act (PITA) as PAYE and levies payable to states under the extant laws of the Federation and the state. We will not hesitate to petition the Securities Exchanges of Toronto and that of London for our claims. Dr Bolorunduro submitted”

Also speaking in the same vein Prof. Lukman Jimoda, the Special Adviser to the Governor on Mining and Mineral Resources noted that the state’s investigation revealed various unethical business practices, including alleged tax evasion, use of proxies, and failure to comply with environmental rules and regulations.

Prof. Jimoda equally highlighted that the federal constitution places environmental oversight under the concurrent list, allowing the state to assess companies’ operations for economic and environmental impacts.

He said “it would be noted that the Government of Osun State has no choice than to inform the Osun public about our findings on the Thor Explorations UK and its Segilola Gold Project operated by Segilola Resources Operating Limited (SROL or Segilola). SROL is a company, domiciled in Nigeria, that operates the Segilola Gold Project (SGP), located in Iperindo, Osun State Nigeria. SROL is a subsidiary of Thor Explorations Ltd.”

“(Thor), United Kingdom, a gold exploration and development company, listed on both the TSX Venture Exchange of Toronto (TSX-V:THX) and AIM Market of the London Stock Exchange (AIM:THX).”