Tethys Petroleum has secured more time as it tries to hammer out a private placement deal with Olisol.
Tethys is trying to place 181,240,793 shares at C$0.054 per share for proceeds of $9.8million whilst at the same time evaluating other funding arrangements.
Olisol owns 15.76% of Tethys’ ordinary shares and if the private placement is completed would own 42.03% of the enlarged share capital.
To date, Olisol has provided $2.94million in working capital.
A company spokesperson said: “The company plans to complete the private placement with Olisol once the remaining funds due have been received and all other conditions of closing have been met.
“These conditions include compliance with the offering and placement requirements of the Kazakhstan Stock Exchange in accordance with Republic of Kazakhstan legislation. The Investment Agreement has an outside date of October 27, 2016 unless extended.”