Yahoo Finance FINCRAFT GROUP LLP ACQUIRES ORDINARY SHARES OF TETHYS PETROLEUM LIMITED
ALMATY, Kazakhstan, Oct. 11, 2024 /CNW/ - Fincraft Group LLP ("Fincraft") announced that it has entered into share purchase agreements providing for the purchase of an aggregate of 30,959,133 ordinary shares (the "Purchased Shares") of Tethys Petroleum Limited ("Tethys") through three private purchase transactions (collectively, the "Purchases"). The Purchased Shares represent approximately 26.95% of the issued and outstanding ordinary Shares of Tethys. Pursuant to the purchase agreements, the Purchased Shares will be acquired at a price of US$ 0.540570016 (C$0.7435 based on the Bank of Canada daily rate of exchange on October 10, 2024) per Purchased Share, for an aggregate purchase price of US$16,735,579.02 (C$23,018,115.39). The purchase of the Purchased Shares is subject to certain approvals and is expected to be completed during the fourth quarter of 2024.
Prior to giving effect to these transactions, Fincraft beneficially owned no Ordinary Shares.
Fincraft intends to acquire the Purchased Shares for investment purposes. Fincraft may, from time to time, acquire or dispose of ordinary shares or other securities of Tethys in the future, either on the open market, in private transactions, pursuant to an offer to acquire outstanding securities of Tethys, through a corporate transaction involving Tethys, through treasury issuances, exercises of convertible securities, or otherwise, in each case, depending on a number of factors, including general market and economic conditions and other available investment opportunities. Depending on market, economic and industry conditions, the business and financial condition of Tethys, and other relevant factors, Fincraft may develop other plans or intentions in the future relating to Tethys.
A portion of the Purchases will be completed from one seller in reliance on the private agreement exemption available under section 4.2(1) of National Instrument 62-104 Take-Over Bids and Issuer Bids.
Tethys' head office is located at 802 West Bay Road, Grand Cayman, KY1-1205, Cayman Islands.
This news release is issued under the early warning provisions of applicable Canadian securities legislation. A copy of the early warning report filed in connection with the investment will be available on Tethys' profile on SEDAR at www.sedar.com or may be obtained by contacting Timur Seilov at +7 (727) 355-0151.
About Fincraft
Fincraft is a diversified holding company founded in 2014 and led by Kenges Rakishev. The Group operates in five key segments: oil & gas, mining & processing of metals, educational services, distressed asset management, and other activities. Fincraft is headquartered at Dostyk Avenue 300/26, Almaty, Kazakhstan A25D7Y.
SOURCE Fincraft Group LLP
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