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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Tethyan Res | LSE:TETH | London | Ordinary Share | GB00BYVFRB16 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 3.00 | 2.50 | 3.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMTETH
RNS Number : 6812A
Tethyan Resources PLC
28 March 2017
28 March 2017
Tethyan Resources PLC
Equity placing of GBP1 million
Tethyan Resources PLC ("Tethyan" or the "Company") (AIM:TETH) is pleased to announce that it has successfully raised GBP1 million before expenses from the issue of 22,222,223 new ordinary shares of 0.1 pence each in the capital of the Company ("Placing Shares") at a placing price of 4.5 pence per share ("the Placing").
The Placing was supported by both new and existing investors, including Southern Arc Minerals Inc. ("Southern Arc") and a number of the Directors and senior management at Tethyan, further details of which are set out below.
The net proceeds of the Placing attributable to the Company (being approximately GBP 950,000 after fees and expenses) will be used for a 6,000 metre exploration drilling programme at the Company's Suva Ruda project and general working capital requirements.
Peter Mullens, CEO of the Company, commented: "We are very pleased to complete this financing with SP Angel at this time in the market. A number of existing shareholders and directors participated in the placing, as did Southern Arc, our major shareholder who took up their entire entitlement. This will allow us to move forward with a major work program over the summer of 2017 to advance the Suva Ruda project in Serbia and to build a pipeline of projects. Drilling will commence at Suva Ruda in late April 2017."
Appointment of Broker
Tethyan is pleased to announce the appointment of SP Angel Corporate Finance LLP ("SP Angel") as Broker to the Company with immediate effect. SP Angel acted as a placing agent to the Company in connection with the Placing.
Holdings in Company
Following the completion of the Placing, the Company expects the following shareholders of the Company and persons discharging managerial responsibilities ("PDMRs"), as defined in EU Regulation 596/2014 (the "Market Abuse Regulation" or "MAR"), to have a notifiable interest in the issued Ordinary Share capital, as follows:
Hot Features
Premium
Shareholder Existing Number Interest % interest
interest of Placing in the in the
in the Shares Ordinary total issued
Ordinary acquired Shares Ordinary
Shares following Shares
the Placing following
the Placing
-------------------- ----------- ------------- -------------- --------------
Southern Arc 43,653,967 6,644,444 50,298,411 29.91
-------------------- ----------- ------------- -------------- --------------
Christopher
Goss 1,093,518 300,000 1,393,518 0.83
-------------------- ----------- ------------- -------------- --------------
Didier Fohlen 4,053,333 1,000,000 5,053,333 3.00
-------------------- ----------- ------------- -------------- --------------
Gokhan Kantarcigil 1,922,315 1,700,000 3,622,315 2.15
-------------------- ----------- ------------- -------------- --------------
Fabian Baker 1,223,784 220,000 1,443,784 0.86
-------------------- ----------- ------------- -------------- --------------
Christopher Goss, Didier Fohlen, Gokhan Kantarcigil and Fabian Baker are all PDMRs and further disclosures are made in respect of these persons below.
Related party transaction
Southern Arc, Christopher Goss, Didier Fohlen and Gokhan Kantarcigil are related parties to Tethyan, as defined in the AIM Rules for Companies and, due to their participation in the Placing, the transaction is a related party transaction as specified in Rule 13 of the AIM Rules ("Related Party Transaction").
John Proust and Dr Mike Andrews, Directors of the Company, were nominated to the Board of Tethyan by Southern Arc and are therefore not considered independent for the purposes of Rule 13 of the AIM Rules. Accordingly, Peter Mullens, being the independent director of Tethyan for the purposes of the Related Party Transaction considers, having consulted with the Company's nominated adviser, Cairn Financial Advisers LLP, that the terms and conditions of the Placing are fair and reasonable insofar as the shareholders of the Company are concerned.
Application for admission
The Placing Shares will be issued by the Company on 28 March 2017 and rank pari passu with the existing ordinary shares of 0.1 pence each of the Company ("Ordinary Shares"). Application has been made for the Placing Shares to be admitted to trading on the AIM market of the London Stock Exchange plc ("Admission"). It is expected that Admission will become effective and dealings in the Placing Shares will commence on or around 3 April 2017.
Total Voting Rights
Following the issue of the Placing Shares described above, the issued share capital of the Company will consist of 168,182,052 Ordinary Shares. No shares are held in treasury at the date of this announcement. Following the issue of the Placing Shares, the total current voting rights in the Company will be 168,182,052.
The above total current voting rights number is the figure which may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in the Company.
Market Abuse Regulation
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
For further information please contact:
Tethyan Resources PLC
Peter Mullens (CEO) +44 1534 881 885
pjm@tethyan-resources.com
Cairn Financial Advisers
LLP
Nominated Adviser
James Caithie / Sandy
Jamieson +44 (0) 207 213 0880
SP Angel Corporate Finance
LLP
Broker
Ewan Leggat +44 (0) 20 3470 0470
Further details concerning the issue of Placing Shares to PDMRs are set out below:
1. Details of the person discharging managerial
responsibilities/person closely associated
----- --------------------------------------------------------------------------
(a) Full name of person Dealing Christopher Goss
----- -------------------------------- ----------------------------------------
2. Reason for notification
----- --------------------------------------------------------------------------
a Position/status Non-Executive Chairman
----- -------------------------------- ----------------------------------------
(b) Initial notification/ Amendment Initial notification
----- -------------------------------- ----------------------------------------
3. Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
----- --------------------------------------------------------------------------
(a) Name of entity Tethyan Resources
PLC
----- -------------------------------- ----------------------------------------
(b) LEI 213800TIINMU4SWUW212
----- -------------------------------- ----------------------------------------
4. Details of the transaction(s): section to
be repeated for (i) each type of instrument;
(ii) each type of transaction; (iii) each
date; and (iv) each place where transactions
have been conducted
----- --------------------------------------------------------------------------
a Description of the financial Ordinary Shares
instrument, type of instrument of 0.1 pence each
----- -------------------------------- ----------------------------------------
b Identification code GB00BYVFRB16
----- -------------------------------- ----------------------------------------
(c) Nature of the transaction Issue of Placing
Shares
----- -------------------------------- ----------------------------------------
(d) Price(s) and volume(s) Prices(s) Volume(s)
----------- ----------
4.5 pence 300,000
----------- ----------
----- -------------------------------- ----------------------------------------
(e) Aggregated information: Single transaction
- Aggregated volume as in 4(d) above Prices(s) Volume(s)
- Price ---------- ----------
4.5 pence
---------- ----------
----- -------------------------------- ----------------------------------------
f Date of transaction 28 March 2017
----- -------------------------------- ----------------------------------------
g Place of transaction Outside a trading
venue
----- -------------------------------- ----------------------------------------
1. Details of the person discharging managerial
responsibilities/person closely associated
----- --------------------------------------------------------------------------
(a) Full name of person Dealing Didier Fohlen
----- -------------------------------- ----------------------------------------
2. Reason for notification
----- --------------------------------------------------------------------------
a Position/status Executive Director
----- -------------------------------- ----------------------------------------
(b) Initial notification/ Amendment Initial notification
----- -------------------------------- ----------------------------------------
3. Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
----- --------------------------------------------------------------------------
(a) Name of entity Tethyan Resources
PLC
----- -------------------------------- ----------------------------------------
(b) LEI 213800TIINMU4SWUW212
----- -------------------------------- ----------------------------------------
4. Details of the transaction(s): section to
be repeated for (i) each type of instrument;
(ii) each type of transaction; (iii) each
date; and (iv) each place where transactions
have been conducted
----- --------------------------------------------------------------------------
(a) Description of the financial Ordinary Shares
instrument, type of instrument of 0.1 pence each
----- -------------------------------- ----------------------------------------
(b) Identification code GB00BYVFRB16
----- -------------------------------- ----------------------------------------
(c) Nature of the transaction Issue of Placing
Shares
----- -------------------------------- ----------------------------------------
(d) Price(s) and volume(s) Prices(s) Volume(s)
----------- ----------
4.5 pence 1,000,000
----------- ----------
----- -------------------------------- ----------------------------------------
(e) Aggregated information: Single transaction
- Aggregated volume as in 4(d) above Prices(s) Volume(s)
- Price ---------- ----------
4.5 pence
---------- ----------
----- -------------------------------- ----------------------------------------
(f) Date of transaction 28 March 2017
----- -------------------------------- ----------------------------------------
(g) Place of transaction Outside a trading
venue
----- -------------------------------- ----------------------------------------
1. Details of the person discharging managerial
responsibilities/person closely associated
----- --------------------------------------------------------------------------
(a) Full name of person Dealing Gokhan Kantarcigil
----- -------------------------------- ----------------------------------------
2. Reason for notification
----- --------------------------------------------------------------------------
(a) Position/status Non-Executive Director
----- -------------------------------- ----------------------------------------
(b) Initial notification/ Amendment Initial notification
----- -------------------------------- ----------------------------------------
3. Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
----- --------------------------------------------------------------------------
(a) Name of entity Tethyan Resources
PLC
----- -------------------------------- ----------------------------------------
(b) LEI 213800TIINMU4SWUW212
----- -------------------------------- ----------------------------------------
4. Details of the transaction(s): section to
be repeated for (i) each type of instrument;
(ii) each type of transaction; (iii) each
date; and (iv) each place where transactions
have been conducted
----- --------------------------------------------------------------------------
(a) Description of the financial Ordinary Shares
instrument, type of instrument of 0.1 pence each
----- -------------------------------- ----------------------------------------
(b) Identification code GB00BYVFRB16
----- -------------------------------- ----------------------------------------
(c) Nature of the transaction Issue of Placing
Shares
----- -------------------------------- ----------------------------------------
(d) Price(s) and volume(s) Prices(s) Volume(s)
----------- ----------
4.5 pence 1,700,000
----------- ----------
----- -------------------------------- ----------------------------------------
(e) Aggregated information: Single transaction
- Aggregated volume as in 4(d) above Prices(s) Volume(s)
- Price ---------- ----------
4.5 pence
---------- ----------
----- -------------------------------- ----------------------------------------
(f) Date of transaction 28 March 2017
----- -------------------------------- ----------------------------------------
(g) Place of transaction Outside a trading
venue
----- -------------------------------- ----------------------------------------
1. Details of the person discharging managerial
responsibilities/person closely associated
----- --------------------------------------------------------------------------
(a) Full name of person Dealing Fabian Baker
----- -------------------------------- ----------------------------------------
2. Reason for notification
----- --------------------------------------------------------------------------
(a) Position/status Chief Operating
Officer
----- -------------------------------- ----------------------------------------
(b) Initial notification/ Amendment Initial notification
----- -------------------------------- ----------------------------------------
3. Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
----- --------------------------------------------------------------------------
(a) Name of entity Tethyan Resources
PLC
----- -------------------------------- ----------------------------------------
(b) LEI 213800TIINMU4SWUW212
----- -------------------------------- ----------------------------------------
4. Details of the transaction(s): section to
be repeated for (i) each type of instrument;
(ii) each type of transaction; (iii) each
date; and (iv) each place where transactions
have been conducted
----- --------------------------------------------------------------------------
(a) Description of the financial Ordinary Shares
instrument, type of instrument of 0.1 pence each
----- -------------------------------- ----------------------------------------
(b) Identification code GB00BYVFRB16
----- -------------------------------- ----------------------------------------
(c) Nature of the transaction Issue of Placing
Shares
----- -------------------------------- ----------------------------------------
(d) Price(s) and volume(s) Prices(s) Volume(s)
----------- ----------
4.5 pence 220,000
----------- ----------
----- -------------------------------- ----------------------------------------
(e) Aggregated information: Single transaction
- Aggregated volume as in 4(d) above Prices(s) Volume(s)
- Price ---------- ----------
4.5 pence
---------- ----------
----- -------------------------------- ----------------------------------------
(f) Date of transaction 28 March 2017
----- -------------------------------- ----------------------------------------
(g) Place of transaction Outside a trading
venue
----- -------------------------------- ----------------------------------------
END
This information is provided by RNS
The company news service from the London Stock Exchange
END
IOEFDLLLDXFFBBV
(END) Dow Jones Newswires
March 28, 2017 02:01 ET (06:01 GMT)
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