Tethys Petroleum Limited: Tethys Petroleum Corporate Update
Tethys or the
Company ) today announces that it has completed the previously announced private placement with Pope Investments II, LLC.
Pope Investments II, LLC acquired 2,592,115 ordinary shares of Tethys Petroleum. The price for the shares is .67 CAD per share for total proceeds to Tethys CAD$1,736,717. The placement is to Pope Investments II, LLC, an investment fund managed by Pope Asset Management, LLC. William Wells, the Chairman of Tethys Petroleum is the President of Pope Asset Management, LLC and has a minority ownership interest in Pope Investments II, LLC. The private placement is considered a Related Party Transaction as defined under Multilateral Instrument 61-101 since Mr. Wells is the Chairman of the Company. The transaction is exempt from the valuation and minority shareholder requirements thereunder since the consideration in the transaction is less than 25% of the market capitalization of the Company.
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