Source - RNS
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.£ 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 £890,000).

 

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)                                                             [email protected]

                                                                                                + 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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