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Tethyan Resources says two significant shareholders agree to convert C$1.012mln loan into company units

"The support of Southern Arc and Dr. Andrews is a strong signal of confidence from significant shareholders in the future prospects of the Company" - Fabian Baker
Tethyan Resources says two significant shareholders agree to convert C$1.012mln loan into company units
Tethyan Resources is a gold and base metal mineral exploration company

Tethyan Resources PLC (CVE:TETH) said two significant stakeholders have agreed to convert a total of C$1,012,500 in an advance extended to the company in exchange for company units.

In a statement, the company said Southern Arc Minerals Inc. and Dr Michael Andrews will receive 1,600,000 units and 2,450,000 units respectively on completion of the transaction.

READ: Tethyan Resources closes over-subscribed placement

The units will have the same terms as the recently completed private placement.

Each unit will consist of one ordinary share and one-half of one transferable share purchase warrant of the company. Each whole warrant will be exercisable into one ordinary share of the Company at an exercise price of C$0.35 per share for a period of three years from the date of issuance.

Tethyan noted that both Southern Arc and Dr. Andrews would have participated in its recently completed private placement, which was oversubscribed.

Priority was given to arm's-length parties who participated in the financing.

READ: Tethyan Resources says Taor acquisition increases potential of making major discovery

Fabian Baker, the company’s CEO said: "The support of Southern Arc and Dr. Andrews is a strong signal of confidence from significant shareholders in the future prospects of the Company as we focus on the advancement of the Rudnitza copper-gold porphyry prospect, the Company's planned acquisition of the Serbian company Taor D.O.O., and the completion of a scout drill program within the Taor exploration licenses."

The company will be holding its General and Special Meeting in London on May 18, 2018 to seek shareholders’ approval to increase its authorized capital and go-ahead with the Taor Acquisition.

Tethyan is focused on the Tethyan Metallogenic Belt in Eastern Europe, mainly Serbia, where it is acquiring and exploring a portfolio of quality precious and base metals projects with known mineralisation and compelling drill targets.

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