Equity placing of £1 million

EQUITY PLACING OF £1 MILLION

 

Tethyan Resources PLC (“Tethyan” or the “Company”) (AIM:TETH) is pleased to announce that it has successfully raised £1 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 £ 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:

Shareholder

Existing interest in the Ordinary Shares

Number of Placing Shares acquired

Interest in the Ordinary Shares following the Placing

% interest in the total issued Ordinary Shares 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 instrument, type of instrument

Ordinary Shares 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:

– Aggregated volume

– Price

Single transaction as in 4(d) above

Prices(s)

Volume(s)

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 instrument, type of instrument

Ordinary Shares 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:

– Aggregated volume

– Price

Single transaction as in 4(d) above

Prices(s)

Volume(s)

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 instrument, type of instrument

Ordinary Shares 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:

– Aggregated volume

– Price

Single transaction as in 4(d) above

Prices(s)

Volume(s)

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 instrument, type of instrument

Ordinary Shares 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:

– Aggregated volume

– Price

Single transaction as in 4(d) above

Prices(s)

Volume(s)

4.5 pence

(f)

Date of transaction

28 March 2017

(g)

Place of transaction

Outside a trading venue

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