The Board of Directors has concluded that the private placement is in the best interest of shareholders by enabling a strengthening of the Company's shareholder base including institutional shareholders. The proceeds will among others be used to intensify focus on the Company's project in Oman.
"We are extremely pleased to have received this strategic capital increase so soon after our successful drilling results on block 15 onshore Oman which will facilitate our ability to maintain a fast track approach to our continued work in relation to Block 15. In addition it is with great pleasure we welcome among our new shareholders such a strong institutional name as Catella," comments Tethys Oil Managing Director Magnus Nordin.
Erik Penser Fondkommission acted as financial adviser in connection with the Private Placement.
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