April 24, 2018 – Jersey, UK –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.