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JERSEY, UK, April 24, 2018 /CNW/ -
Tethyan Resources plc (TSXV: TETH) ("Tethyan"
or the "Company") is pleased to announce it has closed its
non-brokered private placement previously announced on February 26, 2018, for aggregate gross proceeds
of C$1,303,375.
The private placement consisted of 5,213,500 units at a price of
C$0.25 per unit. Each unit is
comprised of one ordinary share and one-half of one transferable
share purchase warrant of the Company. Each whole warrant is
exercisable into one ordinary share of the Company at an exercise
price of C$0.35 per share for a
period of three years from the closing date of the private
placement.
The net proceeds from the private placement will be used to
finance advancement of the Rudnitza copper-gold porphyry prospect,
the Company's planned acquisition of the Serbian company Taor
D.O.O., and the completion of a scout drill program within the Taor
exploration licenses, and working capital. The Company paid
cash finder's fees of C$23,550 and
issued 94,200 finders' warrants, in the aggregate, to certain
finders. All securities issued in connection with the private
placement are subject to a statutory hold period expiring on
August 21, 2018.
The Company is also pleased to announce that Mr. John Carlile has been appointed to the board of
directors of the Company, subject to the approval of the TSX
Venture Exchange. Mr. John
Carlile is a geologist with more than 35 years of experience
in the resource industry. Mr. Carlile has held senior executive and
director positions with both major and junior resource companies,
including President of Indonesian and Philippines subsidiaries of Newcrest Mining
Limited, and Chairman of Singaporean public listed oil company
Pearl Energy Ltd. As a geologist, Mr. Carlile has a proven track
record of mineral discovery and business building in Asia, most notably as Exploration Manager,
Asia for Newcrest Mining Limited
when it discovered its Gosowong mine. Mr. Carlile has served on the
boards of several resource companies, and currently holds the
position of director of Japan Gold Corp., Southern Arc Minerals
Inc. and Equator Gold Ltd. He holds a BSc in Geology from
University of Reading, England,
and an MSc in Mineral Exploration from the Royal School of Mines,
Imperial College, University of London. Mr. Carlile is a Fellow of the AusIMM
and a Fellow of the Geological Society of London.
The Company also announces that Mr. Peter Mullens and Mr. Gokhan Kantarcigil have
resigned from the board of directors, effective immediately.
The Company thanks Mr. Kantarcigil and Mr. Mullens for their
service, and is delighted that Mr. Mullens will remain involved
with the operations of the Company as a Technical Advisor.
About Tethyan
Tethyan Resources plc is a gold and base metal mineral
exploration company incorporated in England & Wales. Tethyan 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. Tethyan emphasises
responsible engagement with local communities and stakeholders, and
is committed to proactively implementing Good International
Industry Practice (GIIP) and sustainable health, safety and
environmental management. More information can be found on our
website: www.tethyan-resources.com.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as such term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Certain information contained herein constitutes
"forward-looking information" under Canadian securities
legislation. Forward-looking information includes, but is not
limited to, statements with respect to the closing of the private
placement, the use of proceeds and loan conversions. Generally,
forward-looking information can be identified by the use of
forward-looking terminology such as "will be", "intends" or
variations of such words and phrases or statements that certain
actions, events or results "will" occur. Forward-looking statements
are based on the opinions and estimates of management as of the
date such statements are made and they are subject to known and
unknown risks, uncertainties and other factors that may cause the
actual results, level of activity, performance or achievements of
Tethyan to be materially different from those expressed or implied
by such forward-looking statements or forward-looking information,
including: the receipt of all necessary regulatory approvals,
capital expenditures and other costs, and financing and additional
capital requirements. Although management of Tethyan have attempted
to identify important factors that could cause actual results to
differ materially from those contained in forward-looking
statements or forward-looking information, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove
to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements and forward looking information. Tethyan will not update
any forward-looking statements or forward-looking information that
are incorporated by reference herein, except as required by
applicable securities laws.
SOURCE Tethyan Resources PLC