Thor Energy (ASX:THR) signed a term sheet with Tivan (ASX:TVN) to sell the FRAM joint venture, in which the company holdsa 75% stake via unit Molyhil Mining, for AU$8.8 million, according to a Tuesday filing with the Australian bourse.

Out of the total consideration, 60% is payable to the company within a year, followed by three successive annual deferred completion payments, the filing said.

Shares of the company rose 22% in recent Tuesday trade.