Tethys Signs LOI with Olisol for US$15 million Interim Financing & C$25.5 million Private Placement

Source: www.gulfoilandgas.com 11/9/2015, Location: Europe

Tethys Petroleum has entered into a non-binding and indicative letter of intent ('LOI') with Olisol Investments setting out proposed terms upon which Olisol Petroleum, a wholly-owned subsidiary of Olisol ('OPL'), will provide Tethys with a US$15 million interim debt facility (the 'Interim Financing'), subscribe to a C$25.5 million private placement of 150 million new ordinary shares at a price of C$0.17 per ordinary share (the 'Placing') and commit to backstop a further equity fundraising of 50 million shares at C$0.17 per share (the 'Further Financing').

The Company has agreed to grant OPL a limited period of exclusivity until 11:59 p.m. Calgary time on November 23, 2015 (unless such date is extended by request of one of the parties) in connection with the Placing and Further Financing and Interim Financing.

In the event that OPL does not provide Tethys with certain confirmation of funds by November 23, 2015, Olisol will pay Tethys a US$1.25 million break fee. The Company and Olisol have substantially progressed the binding documentation for the Transaction. The Company expects to provide an update on these agreements prior to the expiration of the Exclusivity Period.

John Bell, Executive Chairman commented: 'We are pleased to have reached conditional agreement with Olisol on a potentially transformational refinancing and will work as hard as we possibly can to drive the process to a swift conclusion.'


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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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