Tethys Petroleum Ltd Tethys Petroleum Press Release: Olisol Petroleum Limited Press Release and Transaction Update

 
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Tethys Petroleum Press Release: Olisol Petroleum Limited Press Release and Transaction Update 
FOR:  TETHYS PETROLEUM LIMITED 
 
TSX, LSE SYMBOL:  TPL 
 
October 20, 2016 
 
Tethys Petroleum Press Release: Olisol Petroleum Limited Press Release and Transaction Update 
 
GRAND CAYMAN, CAYMAN ISLANDS--(Marketwired - Oct. 20, 2016) - Tethys Petroleum Limited (TSX:TPL)(LSE:TPL) 
("Tethys" or the "Company") today announces that it acknowledges Olisol Petroleum Limited's ("Olisol") Press 
Release dated October 12, 2016 ("Release") whilst wishing to clarify certain matters pertaining to Olisol's 
Release and to provide a transaction update. 
 
Olisol Petroleum Limited Press Release 
 
Olisol states in its Release that it intends to direct Tethys to apply all funds to be repaid to Olisol in 
connection with outstanding working capital advances, plus accrued interest thereon, to its obligation to 
subscribe for 181,240,793 ordinary shares at C$0.054 per share. 
 
Tethys wishes to clarify that under the Amended and Restated Investment Agreement dated April 28, 2016 
("Investment Agreement"), between Olisol and the Company, Olisol is required to transfer the full purchase price 
of CDN$9,787,002.82 for 181,240,793 ordinary shares to Tethys prior to the closing date. 
 
In addition to this, under the Investment Agreement, Olisol has the right to convert any amounts outstanding under 
the facility agreement and any amounts of working capital indebtedness, in each case with accrued but unpaid 
interest thereon, into Tethys ordinary shares at the placing price of C$0.054 per share. The amounts outstanding 
under the facility agreement and as working capital indebtedness are denominated in United States Dollars and for 
the purposes of converting any amounts outstanding into Canadian dollars, such amounts shall be converted at an 
exchange ratio of US$1 equals CDN$1.268, being the Bank of Canada's noon exchange rate on April 25, 2016. 
 
Olisol also states in its Release that upon completion of the private placement Olisol believes it will hold 
approximately 244,285,253 representing 37.32% of the total number of issued and outstanding ordinary shares of 
Tethys. 
 
Tethys wishes to clarify that there are currently 400,004,848 Tethys ordinary shares issued and outstanding. Upon 
completion of the private placement to Olisol of an additional 181,240,793 ordinary shares Olisol's shareholding 
would be 244,285,253 ordinary shares which would represent 42.03% of the total number of issued and outstanding 
ordinary shares. 
 
Olisol Transaction Update 
 
The Company has requested a proposal from Olisol to resolve certain issues that it feels are important to be 
agreed prior to completion of the private placement. These include a relationship agreement which ensures that all 
transactions between Tethys and Olisol will be at arm's length and on normal commercial terms and Olisol shall not 
vote on any related party transactions between the Company and Olisol as well as related corporate governance 
arrangements. The Company remains hopeful that Olisol will provide a proposal to address the issues raised with 
Olisol in time to allow completion to take place by the outside date of October 27, 2016 as contemplated by the 
Investment Agreement. 
 
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. 
 
Disclaimer 
 
Some of the statements in this document are forward-looking. Forward-looking statements include statements 
regarding the intent, belief and current expectations of the Company or its officers with respect to the potential 
that exists in both exploration and in discovered deposits in Central Asia and the Caspian Region, completion of 
the private placement with Olisol and repayment and/or conversion of the amounts outstanding under the facility 
agreement and working capital indebtedness due to Olisol. When used in this document, the words "expects," 
"believes," "anticipates," "plans," "may," "will," "should" and similar expressions, and the negatives thereof, 
are intended to identify forward-looking statements. Such statements are not promises or guarantees, and are 
subject to risks and uncertainties that could cause actual outcomes to differ materially from those suggested by 
any such statements including risks and uncertainties with respect to the potential that exists in both 
exploration and in discovered deposits in Central Asia and the Caspian Region and also risks and uncertainties 
with respect to completion of the private placement with Olisol and repayment and/or conversion of the amounts 
outstanding under the facility agreement and working capital indebtedness due to Olisol. 
 
No part of this announcement constitutes, or shall be taken to constitute, an invitation or inducement to invest 
in the Company or any other entity, and shareholders of the Company are cautioned not to place undue reliance on 
the forward-looking statements. Save as required by the Listing Rules and applicable law, the Company does not 
undertake to update or change any forward-looking statements to reflect events occurring after the date of this 
announcement. 
 
 
FOR FURTHER INFORMATION PLEASE CONTACT: 
 
Tethys Petroleum 
info@tethyspetroleum.com 
www.tethyspetroleum.com 
 
 
Tethys Petroleum Limited
(END) Dow Jones Newswires
October 20, 2016 02:06 ET (06:06 GMT)
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