TORONTO, Nov. 30, 2016 /CNW/ - Winston Sanjeev Kumar Soosaipillai
("Kumar") acquired beneficial ownership and control of an
aggregate of 43,951,698 ordinary shares ("Ordinary Shares")
in the capital of Tethys Petroleum Limited (the
"Corporation") and 96,150,000 Ordinary Share purchase
warrants ("Warrants"), pursuant to a non-brokered private
placement, for an aggregate purchase price of US$700,001.11. Each Warrant entitles Kumar to
acquire one additional Ordinary Share at a price of US$0.031 per Ordinary Share at any time for a
period of three years following the closing. The Ordinary Shares
acquired by Kumar represent approximately 9.0% of the Corporation's
current issued and outstanding Ordinary Shares and the Warrants
acquired represent 50% of the issued and outstanding Warrants of
this particular class of warrants. On a partially-diluted basis,
assuming the exercise of all Warrants held by Kumar, but no
exercise of any securities convertible into or exchangeable for
Ordinary Shares of the Corporation by any other party, Kumar would
have ownership and control over 140,101,698 Common Shares of the
Corporation, representing approximately 24.0% of the then issued
and outstanding Common Shares. The Warrants contain a restriction
on exercise to the effect that, unless and until approval of the
disinterested shareholders of the Corporation is obtained, no
Warrants may be exercised by Kumar on a date where the result of
such exercise would be the issuance of Ordinary Shares that,
together with the Ordinary Shares already owned by Kumar on such
date, would be in excess of 20% of the number of issued and
outstanding Ordinary Shares of the Corporation on such date. The
Corporation has covenanted to Kumar to seek such disinterested
shareholder approval within 60 days of closing. In the event that
disinterested approval is not obtained, Kumar is entitled to a
make-whole payment equal to the in-the-money value of unexercised
Warrants on the date that shareholder approval fails to be
obtained, payable in cash or a short-term, interest-bearing
promissory note, at the option of the Issuer.
The acquisition of Ordinary Shares and Warrants by Kumar was
made for investment purposes. Kumar may from time to time
dispose of, or acquire, additional securities of the Corporation as
circumstances warrant.
This press release is issued pursuant to National Instrument
62-103 - The Early Warning System and Related Take-Over Bid and
Insider Reporting Issues, which also requires a report to be
filed with regulatory authorities in each of the jurisdictions in
which the Corporation is a reporting issuer containing information
with respect to the foregoing matters (the "Early Warning
Report"). A copy of the Early Warning Report will appear with
the Corporation's documents on the System for Electronic Document
Analysis and Retrieval and may be obtained upon request from
Bennett Jones LLP, 3400 One First Canadian Place, Toronto, ON M5X 1A4.
SOURCE Sanjeev Kumar