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Tethyan Resources set for C$1.2mln raise

Southern Arc Minerals Inc aims to invest c$360,000 to acquire 1.44mln units in the placing
copper wires
The net proceeds will be used to finance Tethyan's planned advancement of the Rudnitza copper-gold prospect

Tethyan Resources PLC (CVE:TETH) announced a placing of up to 4.8mln units at 25 cents each for gross proceeds of up to C$1.2mln.

The net proceeds will be used to finance Tethyan's planned advancement of the Rudnitza copper-gold porphyry prospect in 2018 as well as other earlier-stage prospects towards the identification of new drill targets and for general working capital, it said.

Southern Arc Minerals Inc aims to invest C$360,000 to acquire 1.44mln units in the fundraise.

Southern Arc currently owns 29.89% of Tethyan on an undiluted basis and it will not exceed 29.99% on closing of the placing.

Each unit consist of one share and one-half of a share purchase warrant.

Each whole warrant will be exercisable into one  company share at 35 cents for three years from the closing date.

Earlier this month, Tethyan said it was negotiating to acquire a company that holds two licences adjacent to its optioned Suva Ruda licence in Serbia.

Tethyan has entered into a binding letter of intent (LOI) to acquire Taor, a company that holds two exploration licences totalling roughly 100 square kilometres situated adjacent to the Suva Ruda licence in the historic Raška lead and zinc mining district in Southern Serbia.

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