TORONTO, ONTARIO, Jun 19, 2009 (Marketwire via COMTEX) — NOT FOR DISTRIBUTION IN THE UNITED STATES
Tethys Petroleum Limited (“Tethys” or the “Company”) (TPL) today announced that it has completed its public offering of 51,680,000 Ordinary Shares for gross proceeds of US$20 million (the “Offering “). The Ordinary Shares were sold at a price of US$0.387 (C$0.425) each. The Ordinary Shares are listed on the Toronto Stock Exchange under the symbol “TPL”.
The net proceeds of the Offering will be used by Tethys for project development and capital expenditures. Fraser Mackenzie Limited, Renaissance Securities (Cyprus) Limited and Quam Securities Company Limited acted as co-lead managers for the Offering.
Dr. David Robson, Chief Executive Officer of Tethys commented on the news, “We are pleased with the success of the offering, which was oversubscribed. The Offering should enable us to achieve our plans for our current exploration and development projects in Tajikistan and Uzbekistan, support our projects in Kazakhstan, and continue to execute our strategy in Central Asia.”
Tethys is focused on oil and gas exploration and production activities in Central Asia with activities currently in the Republics of Kazakhstan, Tajikistan and Uzbekistan. This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential exists in both exploration and in discovered deposits.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to United States Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
This press release contains “forward-looking information” which may include, but is not limited to, statements with respect to our operations. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, including the risk that the proceeds may not be sufficient for the purposes stated in the prospectus. See the description of risks and uncertainties and underlying factors and assumptions relevant to the offering and “forward looking information” contained herein and to the Company’s business, including its exploration and development activities, contained in the prospectus dated June 12, 2009 (which is incorporated herein by reference). The “forward looking statements” contained herein speak only as of the date of this press release and, unless required by applicable law, the Company undertakes no obligation to publicly update or revise such information, whether as a result of new information, future events or otherwise.
SOURCE: Tethys Petroleum Limited
Tethys Petroleum Limited
Vice President Investor Relations
416 572 2065
416 572 2201 (FAX)
Ardak Akanov, Managing Director
+7 (727) 272 8867