/KASE, February 11, 2020/ – Tethys Petroleum Limited (Cayman Islands), whose
shares are officially listed on Kazakhstan Stock Exchange (KASE), has provided
press release to KASE dated February 10, 2020, which states as follows:
quote
Grand Cayman, Cayman Islands - Tethys Petroleum Limited (TSXV: TPL.H) ("Tethys"
or the "Company") is pleased to announce it has reached a legally binding
settlement agreement with Olisol Petroleum Limited and certain of its affiliated
companies and their principals (together “Olisol”) and DSFK Special Finance
Company LLP (“DSFK”), (hereinafter the “Settlement Agreement”).
The key terms of the Settlement Agreement insofar as they affect Tethys are:
1) Tethys and Olisol agree that they shall seek to discontinue the Canadian
lawsuit commenced by Tethys on January 27, 2017 with no order as to costs and
the parties agree not to bring any further claims in respect of the disputed
matters in the Canadian lawsuit;
2) Tethys agrees to issue eighteen million (18,000,000) ordinary shares to Olisol
in full satisfaction, and in exchange for full repayment, of all amounts owing
under the facility agreement between the parties. Based on the amount claimed
by Olisol to be owing at December 31, 2019 of US$7,396,812, this would equate
to a price of US$0.41 per ordinary share;
3) Olisol agrees to sell a total of two million eight hundred and nine thousand
and thirty six (2,809,036) Tethys ordinary shares to existing shareholder
Gemini IT Consultants DMCC (“Gemini”) for an aggregate of US$1,151,705, at a
price of US$0.41 per Share. The proceeds of the sale shall be delivered by
Olisol to DSFK.
unquote
-
https://kase.kz/files/emitters/KY_TPL_/ky_tpl__reliz_100220_1.pdf – in Russian;
-
https://kase.kz/files/emitters/KY_TPL_/ky_tpl__reliz_100220_eng_1.pdf – in
English.
[2020-02-11]