Tethyan is raising new money ahead of an exploration push on its Serbian projects
Tethyan Resources PLC is planning to raise up to C$1.44 mln through the issue of 40 mln new shares, of which 30 mln are expected to be placed in Canada by broker PowerOne, with the rest earmarked for UK investors.
Tethyan plans to use the money raised to undertake further work its Serbian assets, Suva Ruda and Gokcinica, and for general corporate purposes.
In accordance with the terms of its option and as previously announced, the company plans to commence a 2,500 meter drill program on the Suva Ruda project by October 26, 2016 and intends to complete this drill program by mid December 2016.
This will create new information for the company and allow it to plan for more extensive work next year.