ASX- and LSE-listed Adriatic Metals and TSX-V-listed Tethyan Resources have entered into a definitive arrangement agreement, which respects the previously announced proposed acquisition of Tethyan by Adriatic.
Pursuant to the agreement, Adriatic will acquire 100% of the outstanding common shares of Tethyan, by way of a plan of arrangement under the Business Corporations Act, in consideration for the issuance of 0.166 of an ordinary share of Adriatic for each common share of Tethyan outstanding at the effective time of the arrangement.
The agreement was entered into pursuant to, and replaced, the previously announced binding letter agreement between the parties respecting the arrangement.