rns22 Mar 2016 09:06
March 21, 2016
Tethys Petroleum Limited Press Release: Olisol Converts Debt into Tethys Ordinary Shares at US$0.10
GRAND CAYMAN, CAYMAN ISLANDS--(Marketwired - March 21, 2016) - (TSX:TPL)(LSE:TPL)
NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO US NEWSWIRE SERVICES OR ANY OTHER JURISDICTION IN WHICH IT WOULD
BE UNLAWFUL TO DO SO. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF THE SECURITIES
LAWS OF SUCH JURISDICTIONS. THE OFFERS AND SALES OF SECURITIES REFERRED TO BELOW HAVE NOT BEEN AND WILL NOT BE
REGISTERED UNDER THE SECURITIES ACT OF 1933 AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT
REGISTRATION UNDER THE SECURITIES ACT OR AN EXEMPTION FROM SUCH REGISTRATION.
Tethys Petroleum Limited ("Tethys" or the "Company") today announces that under the terms of the previously
announced Facility Agreement Amendment, it has received a signed conversion notice from Olisol Petroleum Limited
("Olisol") to convert US$6,304,446 of its outstanding debt into 63,044,460 shares in Tethys at a price of US$0.10
("Interim Facility Conversion"). The 5-day volume weighted average price of shares in Tethys was CDN$0.04
(US$0.03).
Pursuant to applicable rules of the Toronto Stock Exchange ("TSX"), Olisol may not become a 10% or more
shareholder of the Company until the TSX has approved Personal Information Forms ("PIFs") submitted by Olisol. As
such, Olisol have today converted US$3,744,004.20 of the loan into 37,440,042 shares, which is the maximum amount
they are able to convert and remain below a 10% shareholding.
Olisol have now filed their PIFs with the TSX which once approved will allow them to convert the remaining
US$2,560,441.90 of the debt into a further 25,604,419 shares at a price of US$0.10. This combined with today's
conversion, will result in Olisol owning approximately 15.8% of the enlarged undiluted share capital of the
Company.
Tethys and Olisol are also currently negotiating an Investment Agreement whereby Olisol has committed to
purchasing 181,240,793 new Tethys shares at a price to be agreed by Tethys and Olisol (acting reasonably). This
potential purchase, together with the Interim Facility Conversion would result in Olisol owning approximately 42%
of the enlarged undiluted share capital of the Company.
About Tethys
Tethys is focused on oil and gas exploration and production activities in Central Asia and the Caspian Region.
This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential exists
in both exploration and in discovered deposits.
About Olisol
Olisol and its subsidiaries and affiliates have investments in energy and oil and gas operations in the Russian
Federation and Kazakhstan. The company has more than seven years of experience with Tethys in Kazakhstan and owns
the Aral Oil Terminal in partnership with Tethys. Olisol