The placing was supported by both new and existing investors, including Southern Arc Minerals Inc several of the directors and senior management of Tethyan.
The money raised will be used to fund a 6,000 metre exploration drilling programme at Tethyan’s Suva Ruda copper project and for general working capital requirements.
"We are very pleased to complete this financing with SP Angel at this time in the market,” said chief executive Peter Mullens.
“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."