22 Jul Further re Gokcanica Option Agreement
FURTHER RE GOKCANICA OPTION AGREEMENT
Further to the announcement dated 5 July 2016, relating to the option agreement signed with Rockstone Group LLC (“Rockstone”) pursuant to which Tethyan can earn up to an 80% interest in the Gokcanica project licenses in Southern Serbia, the Company provides further information regarding the third party to whom they have agreed to pay an introducers’ fee.
As previously announced the Company has agreed to pay €20,000 and issue 833,333 ordinary shares in the capital of the Company (“Ordinary Shares”) (“Initial Consideration Shares”) (previously announced as 5,000,000 ordinary shares as this was before the completion of the capital reorganisation announced on 20 July 2016) to a third party, Pure Nature Limited (“Pure Nature”). Pure Nature had an option over the Gokcanica licenses prior to Tethyan signing the option agreement with Rockstone and consequently Tethyan have agreed to the following terms with Pure Nature in addition to the consideration already announced:
1) Further cash consideration of €10,000 within 15 days of the 6 month anniversary of the signing of the option agreement with Rockstone;
2) If Tethyan earn a 51% interest in the Gokcanica licenses under the terms of the Rockstone option agreement then Pure Nature will be entitled to participate in Tethyan’s share of the project. Tethyan can determine how this will work by electing to execute one of the following two options within 60 days of the 51% interest being secured:
a. Issue 1,666,667 Ordinary Shares to Pure Nature and incorporate a new company in Serbia (“SerbiaCo”) which will hold the 51% license interest. The interest in SerbiaCo would be 90% Tethyan and 10% Pure Nature; or
b. Transfer 100% of Tethyan’s interest in the Gokcanica licenses to Pure Nature
The Company will make a further announcement when the Initial Consideration Shares have been issued and allotted to Pure Nature and are due to be admitted to trading.
For further information please contact:
Tethyan Resources plc
Peter Mullens (CEO) email@example.com
finnCap Limited – Nominated adviser
Christopher Raggett / Scott Mathieson +44 (0)20 7220 0500
About Tethyan Resources
Tethyan Resources PLC is an AIM listed junior exploration company exploring for copper and gold within the Tethyan mineral belt. Tethyan has an experienced board and technical team headed up by Chris Goss previously leader in project finance for emerging markets for the IFC, International Finance Corporation. The company is well funded in a difficult market. Currently they hold several licenses in Serbia and are looking for other Copper Gold projects in Eastern Europe, specifically Serbia and Bulgaria.