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Tethyan Resources secures new cornerstone investor

Tethyan has secured new funding and a new partner with Canadian capital markets experience
Tethyan Resources secures new cornerstone investor
Tethyan's Serbian ground is prospective for copper

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

Southern Arc has agreed to subscribe for 16.5 mln new ordinary shares in Tethyan at a price of C$0.036 per share, bringing at total of £353,570 in new money into the company.

The money raised will be used to fund work on Tethyan’s prospective copper porphyry targets in the Republic of Serbia.

WATCH: Tethyan CEO Peter Mullens speaks to Proactive's Stocktube

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.

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.

 

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