SOUTHERN ARC MINERALS INC. RECEIVES SHAREHOLDER APPROVAL FOR ITS STRATEGIC INVESTMENT IN CANADA NICKEL CORP.
Southern Arc Minerals Inc. ("Southern Arc” or the "Company) (TSX Venture: SA) is pleased to announce that the Company's shareholders have overwhelmingly voted in favour of a resolution ratifying Southern Arc's investment in Canada Nickel Corp. ("Canada Nickel”). As previously announced (July 8, September 9) the Company purchased 15.3 million common shares of Canada Nickel for proceeds of $5.355 million (the "Transaction”). The Transaction was approved by 96.74% of the votes cast by shareholders including votes cast by John G. Proust. Without including Mr. Proust's shares, the transaction was approved by 93.36% of the votes cast by shareholders at today's meeting.
Canada Nickel has completed a non-brokered private placement at $0.35 per share, including the Southern Arc Investment, for gross proceeds of approximately $9.0 million. Southern Arc owns 43.6% of Canada Nickel's 35,129,542 issued and outstanding common shares.
Canada Nickel has paid $5 million to Diamondex Resources Ltd. and earned a 10% interest in the James Bay Lowlands Nickel Project (the "Property”). Canada Nickel can earn a total of 51% interest in the Property by:
On Behalf of the Board of Southern Arc Minerals Inc.
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