TORONTO, ONTARIO -- (Marketwired) -- 06/19/17 -- Medgat Kumar ("Kumar") transferred ownership and control of an aggregate of 43,951,698 ordinary shares ("Ordinary Shares") in the capital of Tethys Petroleum Limited (the "Corporation") and 96,150,000 Ordinary Share purchase warrants ("Warrants") from Jin Guang Limited to Impex Trade Limited, which companies are both controlled by Kumar, for an aggregate purchase price of US$700,001.11. Each Warrant entitles Kumar, through Impex, to acquire one additional Ordinary Share at a price of US$0.031 per Ordinary Share at any time until November 28, 2019. The Ordinary Shares transferred to Impex represent approximately 8.6% of the Corporation's current issued and outstanding Ordinary Shares and the Warrants acquired represent 50% of the issued and outstanding Warrants of this particular class of warrants. On a partially-diluted basis, assuming the exercise of all Warrants held by Kumar, through Impex, but no exercise of any securities convertible into or exchangeable for Ordinary Shares of the Corporation by any other party, Impex would have ownership and control over 140,101,698 Ordinary Shares of the Corporation, representing approximately 23.2% of the then issued and outstanding Ordinary Shares.
The acquisition of Ordinary Shares and Warrants by Impex was made for investment purposes. Impex may from time to time dispose of, or acquire, additional securities of the Corporation as circumstances warrant.
This press release is issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which also requires a report to be filed with regulatory authorities in each of the jurisdictions in which the Corporation is a reporting issuer containing information with respect to the foregoing matters (the "Early Warning Report"). A copy of the Early Warning Report will appear with the Corporation's documents on the System for Electronic Document Analysis and Retrieval and may be obtained upon request from Borden Ladner Gervais LLP, Bay Adelaide Centre, East Tower, Toronto, ON M5H 4E3.