The private placement is done with authorizations from the AGM held on May 8, 2008. The private placement is fully subscribed and the proceeds will amount to MSEK13 (approximately MUSD1.5) before issue costs.
A total of 1,300,000 new shares at a price of SEK10 corresponding to approximately 5.4% of the number of shares outstanding will be issued. After the private placement the number of shares in Tethys will amount to 25,280,086. The share capital of the company will increase by SEK216,667 to SEK4,213,348. The subscription price is in line with Tethys' current price on the stock market.
The proceeds from the private placement will be used to facilitate the ongoing work programme in Tethys' core area onshore Oman.
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Tethys Oil raises SEK13m through private placement
- Oman: Friday, February 20 - 2009 at 21:37
- PRESS RELEASE
The Board of Directors of Tethys Oil AB has resolved to issue 1,300,000 new shares at a price of SEK10 through a private placement directed to approximately 10 Swedish and international investors.
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About Tethys Oil AB:Tethys Oil is a Swedish energy company focused on identification and development for production of oil and natural gas assets in the Middle East, North Africa and Europe. Tethys' strategy is to primarily invest in projects in areas with known oil and natural gas discoveries that have not been properly appraised using modern technology. In this way, high returns can be achieved with limited risk.
The company has interests in licences in Oman, Morocco, France, Spain, Turkey and Sweden. The shares are listed on First North (TETY) in Stockholm. Remium AB is Certified Adviser.
About MAC Capital Limited.
MAC Capital Limited is regulated by the Dubai Financial Services Authority and is a member of the DIFX. The group's shareholders include international stock brokers, investment banks and private banks, including:
- Tolhurst Group Limited Australia
- Quam Securities Co., Ltd. Hong Kong
- Killik & Co. United Kingdom
- Syrus Securities Plc. Thailand
- Banque Morval Switzerland
- Capital Partners Securities Co., Ltd. Japan
- Lloyd Edward-Jones France
and a number of prominent international businessmen.
In Dubai, its affiliate MAC Sharaf Securities (U.A.E.) LLC, is a fully licenced stock broker on the Dubai Financial Market (DFM) and the Abu Dhabi Securities Exchange (ADX) and its Dubai-based partners are the Sharaf Group and Major General Mohammed Abdul Rahim Al Ali.
For further information, please contact
Magnus Nordin
Managing Director
Tethys Oil
Tel: +46 8 679 4995
Mr. Robert W. McMillen
Chairman
MAC Capital Limited
Suite 115, Building 4, Gold & Diamond Park
Interchange 4, Sheikh Zayed Road
P.O. Box 122723, Dubai, U.A.E.
Tel: +971-4-409-7170
Fax: +971-4-409-7270
Posted by Siba Sami AmmariFriday, February 20 - 2009 at 21:37 UAE local time (GMT+4)
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This article was updated on Sat Feb 21 2009.
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