Tethyan Resources (TSXV:TETH) has raised C$1.3 million (US$1 million) through a non-brokered private placement to fund its upcoming exploration and development activities, and add working capital.
Upcoming work includes advancing the Rudnitza copper-gold porphyry prospect, the planned acquisition of Serbian company Taor from Balkan Minerals and completing a scout drill programme within Taor’s exploration licences.
The placement involves 5.2 million C25c units, each comprising one ordinary share and one-half of a transferrable share purchase warrant.
One whole warrant was exercisable into one ordinary share at a price of C35c for a three-year period from the placement closing date.
Tethyan is exploring the Tethyan mineral belt in Eastern Europe and owns large exploration permits in southern Serbia, including the Suva Ruda copper-gold porphyry project near Belgrade, which includes Rudnitza, and the Gokcanica Roman gold mining district.
Taor’s two exploration licences, totalling 100sq.km, are situated adjacent to the Suva Ruda licence and once completed, Tethyan will an option over exploration licences totalling approximately 350sq.km.
The acquisition includes issuing 7 million ordinary Tethyan shares and €125,000 (US$152,658) in cash to Balkan’s sole shareholder Dr. Radomir Vukcevic when the deal closes, another €125,000 in cash within three months after the closing and another 5 million shares issued on the one-year anniversary.