A tender for the privatization of Romanian company Cupru Min has been won officially by Canadian company Roman Copper Inc., but the whole process came to a standstill over the past several days, with Roman Copper saying it was trying to push for a deal despite the Romanian government pulling out of negotiations. But who is behind Roman Copper, about which it was only known that investment bank Bayfront Capital Partners was among its founders? According to HotNews.ro sources, Roman Copper covers another Canadian company founded by a US citizen and a Canadian citizen living in Romania since the nineties.

• The company is Valhalla Resources, founded by Stacy Quinney and Joel Hayes. Quinney was reported in the past to have had business connections with Romanian oil, real estate and media mogul Dinu Patriciu. Valhalla Resources is listed at the Toronto exchange and runs natural resources projects in Romania and Turkey.

Contacted by HotNews.ro, Stacy Quinney would only say it was "too sensitive a subject" he couldn't comment.

According to HotNews.ro sources, Roman Copper Inc., the winner of the Cupru Min tender, is an SPV formed of Bayfront Capital Partners and Valhalla Resources. A Bayfront spokesperson told HotNews.to the investment bank was the sole shareholder in Roman Copper.

• Shortly after HotNews.ro published this report in its Romanian-language version on Tuesday, a Roman Copper representative who had initially denied the involvement of Valhalla in the company announced that Joel Hayes and Stacy Quinney, the founders with executive powers in Valhalla, were named in the top management of Roman Copper. Joel Hayes became President and Stacy Quinney - executive vice-president of Roman Copper, while Michael Williams - who also serves as president at Valhalla Resources - was named head of the Roman Copper board.

Valhalla Resources was one of the companies who had shown interest in attending the Cupru Min privatization. Romanian newspaper Adevarul reported in November 2011 that Valhalla Resources had bought the tender book. Eventually, Valhalla Resources did not take part in the tender on March 26 this year. The government announced the winner - Roman Copper Inc, but did not say who the shareholders of the company were. The Government led by Mihai Razvan Ungureanu announced Friday, April 6 that it would not sign the contract with Roman contract because the company failed to meet three essential terms.

Stacy Quinney is also known as the American character in an advertising campaign for a Romanian-made sweet bar, Rom. The campaign was awarded several major trophies at the Cannes advertising festival last year.

• A full report on the issue is available on the Romanian-language version of HotNews.ro