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| Home : Tethys Petroleum Press Release: Update Regarding C$9.8 Million Private Placement With Olisol Investments Limited and Olisol Petroleum Limited |
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Oct 28
2016 |
Tethys Petroleum Press Release: Update Regarding C$9.8 Million Private Placement With Olisol Investments Limited and Olisol Petroleum Limited |
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GRAND CAYMAN, CAYMAN ISLANDS--(Marketwired - Oct. 27, 2016) - Tethys Petroleum Limited ("Tethys" or the "Company") (TSX:TPL)(LSE:TPL) today announces that the previously announced C$9.8 million private placement with Olisol Investments Limited and Olisol Petroleum Limited (together "Olisol") has not closed by the October 27, 2016 outside date under the Amended and Restated Investment Agreement dated April 28, 2016 ("Investment Agreement"). Tethys took all steps required to close the private placement and was ready, willing and able to do so, however, Olisol failed to provide Tethys with any of the C$9.8 million purchase price required to purchase the subscription shares under the Investment Agreement. Therefore, Tethys considers Olisol to be in breach of the Investment Agreement and reserves all of its legal rights. |
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| Source:http://www.marketwired.com/mw/release.do?id=2170476&sourceType=3 |
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