logo-loader

Tethyan Resources poised to raise up to $3.15mln via placing

Last updated: 21:02 14 Nov 2017 GMT, First published: 16:02 14 Nov 2017 GMT

1510693516_shutterstock_93758500
Tethyan is focused on the Tethyan Metallogenic Belt in Eastern Europe

Tethyan Resources PLC (LON:TETH) is set to raise up to $3.15 million in a private placing, consisting of up to 10.5mln shares at 30 cents each on a post-consolidated basis.

Southern Arc Minerals Inc (CVE: SA), which owns 29.9% of Tethyan, plans to invest up to $950,000 and acquire up to 3.167mln shares in the financing. It will not exceed that percentage on closing of the placing.

The closing of the placing is subject to the completion of the previously announced 1:6 share consolidation (one new share for each existing six)  and  approval by the TSX Venture Exchange. 

The company may pay a 6% finder's fee in cash and 6% in warrants in connection with the financing. 

The net proceeds from the placing will be used to finance Tethyan's planned drilling program at the Rudnitza copper-gold porphyry prospect in early 2018 and to advance other earlier-stage prospects.

Tethyan is focused on the Tethyan Metallogenic Belt in Eastern Europe, mainly Serbia, where it is acquiring and exploring a portfolio of quality precious and base metals projects with known mineralisation and compelling drill targets. 

FTSE rises ahead of Easter weekend, JD Sport gains on upbeat outlook -...

The FTSE 100 gained on the final morning of this shortened Easter trading week. Festive cheer was limited though, as Thames Water confirmed shareholders would not provide it with a £500 million rescue package, prompting speculation over the London supplier’s future. On a more positive...

40 minutes ago