Proceeds to purchase an additional 34% of shares in Seven Stars Energy
By Devika Patel
Knoxville, Tenn., Nov. 29 - Tethys Petroleum Ltd. said it plans a C$13.55 million non-brokered private placement of stock.
The company will sell 26,062,975 ordinary shares at C$0.52 per share. The price per share reflects a 13.33% discount to the Nov. 18 closing share price of $0.60.
Settlement is expected Dec. 14.
Proceeds will be used to purchase an additional 34% of shares in Seven Stars Energy Corp. and for additional work on the Beshtentak oilfield in Tajikistan.
The oil and gas explorer is based in Toronto.
| Issuer: | Tethys Petroleum Ltd.
|
| Issue: | Ordinary shares
|
| Amount: | C$13,552,747
|
| Shares: | 26,062,975
|
| Price: | C$0.52
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 29
|
| Settlement date: | Dec. 14
|
| Stock symbol: | Toronto: TPL
|
| Stock price: | $0.60 at close Nov. 18
|
| Market capitalization: | $144.8 million
|
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