Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/tethys-petroleum-receives-non-binding-letter-of-in.shtmlTethys Petroleum receives non-binding letter of intent from AGR Energy
Tethys Petroleum Limited has received a non-binding letter of intent from AGR Energy Holdings Limited in connection with a potential US$20 million equity fundraising
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Tethys Petroleum Limited has received a non-binding letter of intent from AGR Energy Holdings Limited in connection with a potential US$20 million equity fundraising at a price of C$0.165 per share and potential US$5 million loan to support short-term liquidity. In addition to the equity fundraising AGR Energy would also be granted an option by the Company to subscribe for further newly issued shares for up to US$20 million of shares at the same subscription price.
Following the announcement of the withdrawal of Nostrum Oil & Gas PLC from its proposed offer to acquire the entire issued share capital of Tethys together with a proposed US$20 million interim funding transaction and the expiry of the exclusivity period with Nostrum at 11:59 p.m. on October 6, 2015, the Company is considering potential alternative proposals. There can be no certainty that any alternative proposal will result in a transaction, nor as to the terms on which any such transaction resulting from an alternative proposal may be finalised.
