Profile image
By ProactiveInvestors (Reporter)
Contributor profile | More stories
Story Views

Now:
Last Hour:
Last 24 Hours:
Total:

Tethyan Resources to proceed with loan and convertible debenture issue

Friday, January 12, 2018 13:25
% of readers think this story is Fact. Add your two cents.

Director Michael Andrews has agreed to lend £350,000 (roughly C$600,000) to Tethyan Resources PLC (LON:TETH,CVE:TETH), interest free.

Southern Arc Minerals Inc (CVE:SA) has also advanced C$400,000 to Tethyan as part of a convertible debenture financing.

The debenture will bear interest annually at a rate of four percentage points above the London Interbank Offer Rate (LIBOR), and will have a maturity date of six months.

The debentures will be convertible into Tethyan shares on the same terms as the company’s next equity financing, provided that Southern Arc’s stake does not rise to 30% or above, as this would trigger a mandatory offer for the company.

The loan and convertible debenture are subject to the approval of the TSX Venture Exchange.

Having made alternative financing arrangements, the company will not be proceeding with its previously announced private placement.

READ Tethyan Resources poised to raise up to $3.15mln via placing

Shares in the minerals exploration company were up 3.8% in Canada following the announcement.

Story by ProactiveInvestors



Source: http://www.proactiveinvestors.com/companies/news/189970/tethyan-resources-to-proceed-with-loan-and-convertible-debenture-issue-189970.html

We encourage you to Share our Reports, Analyses, Breaking News and Videos. Simply Click your Favorite Social Media Button and Share.

Report abuse

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories
 

Featured

 

Top Global

 

Top Alternative

 

Register

Newsletter

Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.