Tethys Raises $1.5MM through Private Placement
The Board of Directors of Tethys Oil AB has resolved to issue 1,300,000 new shares at a price of SEK 10 through a private placement directed to approximately 10 Swedish and international investors. The private placement is done with authorizations from the AGM held on May 8, 2008. The private placement is fully subscribed and the proceeds will amount to MSEK 13 (approximately US $1.5 million) before issue costs.
A total of 1,300,000 new shares at a price of SEK 10 corresponding to approximately 5.4 per cent of the number of shares outstanding will be issued. After the private placement the number of shares in Tethys will amount to 25,280,086. The share capital of the company will increase by SEK 216,667 to SEK 4,213,348. The subscription price is in line with Tethys' current price on the stock market.
The proceeds from the private placement will be used to facilitate the ongoing work program in Tethys' core area onshore Oman.
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