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Tethyan Resources PLC welcomes Southern Arc on board as strategic cornerstone investor

Monday, November 21, 2016 5:46
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(Before It's News)

Tethyan Resources PLC (LON:TETH) has secured a new cornerstone investor in Southern Arc Minerals Inc (CVE:SA).

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

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