Tethys Petroleum to raise US$100m for activities in Central Asia

Oct 05. MarketWatch

Tethys Petroleum to raise US$100m for activities in Central AsiaTethys Petroleum said Tuesday it has agreed to the terms of a US$100 million financing announced yesterday to further develop its oil and gas properties in Central Asia.

Under the terms of the offering, the companu will issue a maximum of around 70.6 million ordinary shares at a price of C$1.45 per share, for total maximum gross proceeds of US$100 million.

The aim of the financing is to provide funding for near term production, development and appraisal activities in Kazakhstan, Tajikistan and Uzbekistan, to further expand the company’s oil development in Kazakhstan, and to acquire additional data to potentially enhance the value of its exploration assets.

The deal, which is conditional on the sale of a minimum of 42.35 million ordinary shares for proceeds of US$60 million, is still subject to regulatory approvals and is expected to close around October 20, 2010.

Fraser Mackenzie Limited, Renaissance Capital and Quam Capital will act as joint lead managers for the offering.

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.

http://www.proactiveinvestors.com/companies/news/8956/tethys-petroleum-to-raise-us100m-for-activities-in-central-asia-8956.html

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