SOUTHERN ARC ANNOUNCES $12 MILLION EQUITY FINANCING
Vancouver, B.C.: Southern Arc Minerals Inc. (TSXV: SA) is pleased to announce that it has engaged Haywood Securities (UK) Ltd. to act as co-lead agent with Canaccord Capital Corp. to raise up to $12,000,000 by way of a best efforts private placement offering of 10,000,000 units of the company at a price of $1.20 per unit. Each unit will consist of one common share and one-half of a transferable share purchase warrant. Each full warrant is exercisable into one additional common share at an exercise price of $1.75 per common share for a period of two years from the closing of the private placement.
In consideration for their services, the agents will receive a cash commission equal to 6.5% of the gross proceeds from the offering and agent's warrants exercisable into a number of common shares equal to 6.5% of the number of units sold. Each agent's warrant is exercisable for a common share at an exercise price of $2.00 per common share for a period of two years from the closing of the private placement.
The proceeds of the private placement will be used for exploration and development on the company's mineral properties in Indonesia and for general working capital.
On behalf of the Board of
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The securities described in this press release will not be or have not been registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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