Tethys Petroleum Limited (Cayman Islands) announces settlement agreement with Olisol Petroleum Limited

11.02.20 17:03
/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]