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Tethyan Announces Redomiciling to Canada

Toronto, Ontario--(Newsfile Corp. - May 21, 2019) - - Tethyan Resources plc (TSX-V: TETH) ("Tethyan" or the "Company") today announces the initiation of the redomiciling of the Company to Canada, subject to shareholder and regulatory approval. Redomiciling will be effected through the change of the corporate structure of Tethyan and its subsidiaries (the "Tethyan Group" or "Group") by establishing Tethyan Resource Corp. ("New Tethyan"), a new Canadian-incorporated parent company, at the head of the Group (the "Redomicile"). Application has been made to the TSX Venture Exchange ("TSX-V") to list the New Tethyan shares for trading on the TSX-V. The Redomicile will not result in any material changes to the board, management, day-to-day conduct of the business of the Group or its strategy. Details of the Redomicile and the required shareholder meetings to approve it will be conveyed to shareholders in an information circular and release of further announcements, as appropriate.

New Corporate Structure

Reasons for the Redomicile

Jerrold Annett, Chief Executive Officer of Tethyan, said: "The proposed redomiciling is consistent with our expanding international shareholder base, and better positions us to realize our strategic goals. We recently completed a successful financing led by a North American institution, and are well capitalized for our 2019 exploration program. We have also simplified our capital structure by acquiring and cancelling the legacy non-voting deferred shares that were no longer serving a purpose for the Company."

Key Features of the Redomicile

Deferred Shares

As part of the change of structure, Tethyan has cancelled its deferred shares. In accordance with the rights set out in Tethyan's articles of association, 368,716,729 A deferred shares of 0.9 pence each in the share capital of Tethyan and 89,193,163 B deferred shares of 0.5 pence each in the share capital of Tethyan (together, the "Deferred Shares") were transferred at no cost to Tethyan.

Following the transfer of the Deferred Shares to Tethyan, they were immediately cancelled and as such there are no longer any Deferred Shares in issue.

About Tethyan

Tethyan Resources plc, a member of the Augusta Group of Companies, is a precious and base metals mineral exploration company incorporated in England & Wales and listed on the TSX Venture Exchange. Tethyan is focused on the Tethyan Metallogenic Belt in Eastern Europe, mainly Serbia, where it is acquiring and exploring a portfolio of quality precious and base metals projects with known mineralization and compelling drill targets. Tethyan emphasizes responsible engagement with local communities and stakeholders, and is committed to the proactive implementation of Good International Industry Practice (GIIP) and sustainable health, safety and environmental management. More information can be found on Tethyan's website: www.tethyan-resources.com.

Contact

Tethyan Resources plc
+44 1534 881 885
Jerrold Annett, Chief Executive Officer
+1 416 366 5678 Ext. 207 | jerrold@tethyan-resources.com

Jacqueline Allison, Vice President, Investor Relations and Strategic Analysis
+1 416 366 5678 Ext. 205 | jacqueline@tethyan-resources.com

TSX Venture Exchange Disclaimer

Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This announcement may contain certain forward-looking statements. These forward-looking statements include all matters that are not historical facts. These forward-looking statements involve risks and uncertainties that could cause the actual results of operations, financial condition, prospects and the development of the sector in which Tethyan operates to differ materially from the impression created by these forward-looking statements. Tethyan does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Do not place undue reliance on forward-looking statements, which speak only as of the date of this announcement.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/44911