Early Warning Report Regarding Acquisition of Shares of Tethys Petroleum Limited by Olisol Petroleum Limited
(firmenpresse) - NICOSIA, CYPRUS -- (Marketwired) -- 04/19/16 -- Olisol Petroleum Limited ("Olisol") announces that, on April 15, 2015, it acquired ownership and control of 25,604,419 ordinary shares ("Shares") of Tethys Petroleum Limited ("Tethys").
Olisol currently owns an aggregate of 63,044,461 Shares, representing approximately 15.8% of the issued and outstanding Shares.
On November 19, 2015, Tethys Petroleum Limited ("Tethys") and Olisol entered into a facility agreement (the "Original Facility Agreement") pursuant to which Olisol agreed to provide a U.S. dollar denominated credit facility to Tethys. On March 2, 2016, Tethys, Olisol and OIL entered into an amendment agreement (the "Amendment Agreement") pursuant to which, among other things, the parties agreed to amend certain terms of the Original Facility Agreement (such amended Original Facility Agreement is referred to herein as the "Facility Agreement").
Pursuant to the terms of the Facility Agreement, Olisol has the right to convert amounts outstanding under the Facility Agreement ("Outstanding Indebtedness") into ordinary shares in the capital of Tethys ("Shares") subject to certain limitations. In particular, Olisol agreed that:
On March 18, 2016, Olisol delivered a conversion notice (the "Conversion Notice") under the Facility Agreement to Tethys regarding the conversion of US$6,304,446 (the "Aggregate Conversion Amount") into Shares at a price of US$0.10 per Share. On March 21, 2016, Olisol was issued 37,440,042 Shares (the "Pre-PIF Shares"), being the maximum number of Shares Olisol could receive in light of the restriction noted at (a) above.
The PIFs were approved by the TSX on April 15, 2016 and as such, on April 15, 2016, the remaining US$2,560,441.90 of the Aggregate Conversion Amount was converted into 25,604,419 Shares (the "Conversion"). These additional Shares, when combined with the Pre-PIF Shares, resulted in Olisol acquiring ownership of an aggregate of 63,044,461 Shares, representing approximately 15.8% of the issued and outstanding Shares at the time of the Conversion.
The Shares were acquired by Olisol as a result of the conversion of a portion of the Outstanding Indebtedness at a conversion price of US$0.10 per Share, for an aggregate conversion price of US$6,304,446, all in accordance with the terms of the Facility Agreement. The Bank of Canada closing exchange rate on the date of the Conversion was CDN$1.2837 per United States dollar, resulting in an aggregate conversion price expressed in Canadian dollars of CDN$8,093,017.33.
The Facility Agreement and the Amendment Agreement were entered into, and the Shares were acquired by Olisol, in connection with a larger investment transaction in respect of which Olisol, OIL and Tethys continue to negotiate an amended and restated investment agreement (the "Investment Agreement"). Certain elements of the Investment Agreement are set out in the Amendment Agreement including the following:
A copy of the related early warning report (the "Report") to be filed with the applicable securities commissions may be obtained from the SEDAR website () under the profile for Tethys.
For further information or to obtain a copy of the Report, please contact Olisol as follows:
Contacts:
Olisol Petroleum Limited
c/o Olisol Investments Limited
Stasinoul, Mitsi Building 1
1st Floor, Flat/Office 4
Eleftherias, P.C. 1060
Nicosia, Cyprus
Attention: Kenneth J. May
1-501-680-5463
E-mail:
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Datum: 19.04.2016 - 21:00 Uhr
Sprache: Deutsch
News-ID 465073
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Investment Opinion
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