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.