Proactive Investors - Run By Investors For Investors

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.

View full TETH profile View Profile

Tethyan Resources PLC Timeline

Related Articles

Copper in periodic table
October 23 2018
Bezant has a huge copper resource under licence in the Philippines
1520338767_shutterstock_130308137.jpg
October 12 2018
Viscount Mining is sitting on two highly prospective gold projects in the USA
Yukon gold rush stamp
December 22 2018
KGC is seeking out the sources of the gold rush that made the Yukon's Klondike region famous

© Proactive Investors 2019

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