Tethyan Resources PLC Re: TSX-V Listing and Related Party Transaction (6664F)

TIDMTETH

RNS Number : 6664F

Tethyan Resources PLC

19 May 2017

19 May 2017

TETHYAN RESOURCES PLC

UPDATE ON TSX-V LISTING AND RELATED PARTY TRANSACTION

Further to the announcement of 21 November 2016, Tethyan Resources plc ("Tethyan" or the "Company") is pleased to announce that it has made good progress with its application for a secondary listing on TSX Venture Exchange which it expects to submit shortly, and a further announcement will be made in due course.

In connection with this, the Company has engaged the services of J. Proust & Associates Inc., a company controlled by John Proust, a director of both the Company and Southern Arc, its 29.91% shareholder, to provide finance, accounting and administrative services to the Company in Canada in order to comply with public listing requirements on the TSX Venture Exchange, for an amount estimated at CAD $25,000 (approximately GBP14,000) (the "Related Party Transaction").

As J. Proust & Associates Inc. is controlled by a director of the Company, any transaction with it is deemed to be a related party transaction under AIM Rule 13. Accordingly, all of the directors other than John Proust, being the independent directors of Tethyan for the purposes of the Related Party Transaction consider, having consulted with the Company's nominated adviser, Cairn Financial Advisers LLP, that the terms of the Related Party Transaction are fair and reasonable insofar as the shareholders of the Company are concerned.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

For further information please contact:

 
 Tethyan Resources PLC       [phone] 
 Peter Mullens (CEO)         [e-mail] 
 
 Cairn Financial Advisers 
  LLP                        [phone] 
 James Caithie / Sandy 
  Jamieson 
 
 
SP Angel Corporate Finance 
 LLP 
 Broker                       +44 (0) 20 
 Ewan Leggat                   3470 0470 
 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCLIFETELIALID

(END) Dow Jones Newswires

May 19, 2017 04:54 ET (08:54 GMT)