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