Tethys Petroleum Down 5% after Announcing $13.55M Private Placement; Proceeds to Boost Stake in Tajikistan JV
Tethys Petroleum Ltd (TPL.TO) is down 5% at 57 cents a share, sliding 3 cents after announcing it expects to soon close on a private placement of nearly 26.1 million shares of common stock priced at 52 cents each and generating C$13.55 million in gross proceeds once the deal closes Dec. 14.
Tethys intends to use the new capital to acquire a bigger stake in Seven Stars Energy Corp, the joint venture that owns the Bokhtar Production Sharing Contract in Tajikistan as well as carrying out more work at the Beshtentak oil field, also in Tajikistan. Tethys currently owns a 51% interest in Seven Stars and would see its stake rise to 85% after the private placement and related purchase conclude.
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