CEO Peter Mullens tells Proactive: ”Southern Arc are a well-connected company out of Vancouver … we’re looking to expand our horizons and they contacted us about potentially participating in the financing.”
”We’ve had discussions with them over the last month and they’ve come in as a strategic cornerstone investor”.
In addition, Southern Arc has acquired a block of just over 14.6 mln shares in Tethyan from Newmont, bringing Southern Arc’s total holding in Tethyan to 29.15% of the enlarged issued share capital.
Mullens added: ”When we moved to the Balkans, it wasn’t an area of interest for [Newmont] and they indicated to us that should we find a buyer they’d be interested in exiting”.
A plan to list Tethyan on the Canadian Venture Exchange has now been set in motion, and two Southern Arc directors will join the Tethyan board.
Story by ProactiveInvestors