Proactive Investors - Run By Investors For Investors

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

The closing of the placing is subject to the completion of the previously announced 1:6 share consolidation
Tethyan Resources poised to raise up to $3.15mln via placing
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. 

View full TETH profile View Profile

Tethyan Resources PLC Timeline

Related Articles

February 05 2018
Cradle Arc is ramping up copper production at its Mowana project, and further expansion is on the cards
March 23 2017
There is no doubt we will have a resource upgrade, probably later in the year - chief executive Glen Parsons
periodic table
September 14 2017
Araguaia is set to come on stream as a major new nickel project just as many analysts predict there will be an upswing in the nickel price

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2018

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use