/KASE, April 1, 2021/ – Tethys Petroleum Limited (Cayman Islands), whose shares
are officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE
with the following press release dated March 31, 2021:
quote
Grand Cayman, Cayman Islands - Tethys Petroleum Limited (TSXV: TPL) ("Tethys"
or the "Company") today provide a corporate update.
Private placement
In order to fund short term cash obligations, the Company has decided to pursue
a private equity placement for 2,592,115 ordinary shares at .67 CAD per share
(C$1,736,717). These proceeds will be used to fund previously incurred drilling
expenses, 3D and 2D seismic expenses as well as selling, general, and
administrative expenses. The placement is to Pope Investments II, LLC, an
investment fund managed by Pope Asset Management, LLC. William Wells, the
Chairman of Tethys Petroleum is the President of Pope Asset Management, LLC
and has a minority ownership interest in Pope Investments II, LLC. The private
placement is considered a Related Party Transaction as defined under
Multilateral Instrument 61-101 since Mr. Wells is the Chairman of the Company.
The transaction is exempt from the valuation and minority shareholder
requirements thereunder since the consideration in the transaction is less than
25% of the market capitalization of the Company. This placement is conditional
upon receiving approval from the TSX Venture Exchange.
unquote
The full press release is available on KASE website:
-
https://kase.kz/files/emitters/KY_TPL_/ky_tpl__reliz_010421_1.pdf – in Russian;
-
https://kase.kz/files/emitters/KY_TPL_/ky_tpl__reliz_010421_eng_1.pdf – in
English.
[2021-04-01]