Tethyan Resources PLC Proposed Placing (6560M)
October 17 2016 - 1:00AM
UK Regulatory
TIDMTETH
RNS Number : 6560M
Tethyan Resources PLC
17 October 2016
17 October 2016,
This announcement contains inside information
Tethyan Resources PLC
Tethyan Resources PLC engages "PowerOne Capital" from Toronto to
raise up to
C$1,440,000 (c.GBP 890,000)
Tethyan Resources plc ("Tethyan" or the "Company") is pleased to
announce that it intends to issue up to 40 million shares in the
capital of the Company (the "Placing Shares") at a price of 3.6
Canadian cents per Placing Share (the "Placing") to raise up to
C$1,440,000 (approximately GBP890,000).
The Company has engaged PowerOne Capital Markets Limited
(www.poweronecapital.com) ("Power One") to act as its broker in
respect of the issue of up to 30 million of the Placing Shares to
investors in Canada. Any Placing Shares issued to Canadian
investors will be subject to a 4 month hold period pursuant to
Canadian Securities laws. In addition to paying a broking
commission, the Company will issue PowerOne broker warrants to
subscribe for ordinary shares in the Company, exercisable at 3.6
Canadian cents over a period of three years, equal in number to
seven percent of the total number of Placing Shares issued to
investors introduced by Power One Capital.
Tethyan will seek to issue the remaining 10 million Placing
Shares to UK-based investors. The Directors intend to participate
in the Placing.
The Placing will be subject to the approval of updated
shareholder authorities and accordingly the Company intends to
issue a circular and Notice of an Extraordinary General Meeting
once PowerOne and the Company have identified subscribers for the
Placing Shares. Further announcement in this respect will be made
in due course.
PowerOne is a diversified merchant bank based in Toronto,
focused on providing early stage capital and advisory services to
emerging growth companies globally. Since inception in 2003,
PowerOne has been involved in over 300 transactions, providing
financing and advisory services to companies involving over C$2
billion dollars.
Tethyan plans to use the money raised by the Placing for
advancing the Suva Ruda project (over which the Company has an
option) and Gokcinica projects in the Republic of Serbia and for
general corporate purposes.
In accordance with the terms of its option and as previously
announced, the Company plans to commence a 2500 meter drill program
on the Suva Ruda project by October 26, 2016 and intends to
complete this drill program by mid December 2016.
ABOUT TETHYAN RESOURCES
Tethyan Resources plc is an AIM quoted junior exploration
company exploring for copper and gold within the Tethyan mineral
belt. Tethyan has an experienced board and technical team headed up
by Peter Mullens (BSC, Fellow AUSIMM) who has had considerable
success within junior exploration companies, including identifying
and acquiring assets for Aquiline Resources, Laramide Resources and
being a Founder of Lydian Resources. Currently Tethyan holds
several licences in Serbia and is looking for other Copper Gold
projects in Eastern Europe, specifically Serbia and Bulgaria.
For further information please contact:
Tethyan Resources Plc
Peter Mullens (CEO) pjm@tethyan-resources.com
+ 44 1534 887 166
finnCap Limited - Nominated adviser
Christopher Raggett / Scott Mathieson +44 (0)20 7220 0500
Qualified person
Peter Mullens, who has reviewed this update, has more than 30
years' experience in the mining industry and is a fellow of the
Australian Institute of Mining and Metallurgy. He holds a BSc in
Geology.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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