Proactive Investors - Run By Investors For Investors

Tethyan Resources PLC raises £1 mln for work on Suva Ruda

Tethyan Resources has raised new money to allow it to conduct drilling at Suva Ruda
Tethyan Resources PLC raises £1 mln for work on Suva Ruda
Suva Ruda is highly prospective for copper

Tethyan Resources PLC (LON:TETH) has raised £1 mln from the issue of just over 22.2 mln new ordinary shares at a placing price of 4.5p per share.

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."


View full TETH profile View Profile

Tethyan Resources PLC Timeline

Related Articles

November 01 2018
Medusa remains on track to produce between 90,000 and 100,000 ounces of gold in 2019
Gold pour
March 16 2018
Total gold equivalent ounces (GEOs) produced clocked in at 189,456, up 17% on the 161,289 GEOs produced in 2016...
August 04 2018
The company has an extensive portfolio of exploration projects in Nevada and Utah

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use