SOUTHERN ARC INCREASES PRIVATE PLACEMENT TO $1.5 MILLION
Vancouver, B.C.: Southern Arc Minerals Inc. (TSX Venture: SA) is pleased to announce that it has increased the amount that it intends to raise pursuant to its recently-announced non-brokered private placement from $1.05 million to a maximum of $1.5 million. The Company intends to issue up to 4,285,714 units of the Company at a price of $0.35 per unit. Each unit will consist of one common share and one-half (1/2) of a non-transferable share purchase warrant. Each full warrant is exercisable into one additional common share at an exercise price of $0.50 per common share for a period of two (2) years from closing. The placement is subject to regulatory acceptance.
The proceeds of the private placement will be used to advance existing properties, for ongoing acquisitions and for general working capital.