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Tethyan Resources PLC set to raise up to C$1.5mln to advance Kizevak project

Each unit will consist of one share and one-half of a share purchase warrant, exercisable into a share at 0.35 for three years from closing.
Tethyan Resources PLC set to raise up to C$1.5mln to advance Kizevak project
Pictured is silver. Kizevak is a zinc-lead-silver project

Eastern Europe-focused explorer Tethyan Resources PLC (CVE:TETH) unveiled a placing on Wednesday to raise up to C$1.5mln to advance its recently acquired Kizevak zinc-lead-silver project.

The company will issue up to 6mln units at C$0.25 each.

Each unit will consist of one share and one-half of a share purchase warrant, which will be exercisable into a company share at C$0.35 for three years from closing.

Director Dr Mike Andrews intends to invest up to C$200,000 and acquire up to 800,000 units in the fundraising.

Funds to be used on recent acquisition

"The net proceeds from the private placement will be used to finance Tethyan's planned advancement of the recently acquired Kizevak zinc-lead-silver project, where Tethyan is currently drilling, as well as other earlier-stage prospects toward the identification of new drill targets and for general working capital," the company said in the regulatory statement.

Tethyan, as the name suggests, 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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