SOUTHERN ARC MINERALS INC. COMPLETES PUBLIC OFFERING
Southern Arc Minerals Inc. (the "Company") is pleased to announce that it has successfully completed its initial public offering. A total of 8,000,000 common shares were sold under the offering at a price of $0.25 per share for gross proceeds of 2,000,000. Haywood Securities Inc. acted as agents for the offering. The Company issued agents options entitling the holders to purchase up to 1,600,000 common shares of the Company at $0.25 per share until June 29, 2006.
Proceeds of the offerings will be used to fund exploration on the Company's mineral concession in Indonesia (the Lombok and Sumbawa Properties) and for general working capital, as disclosed in the Company's prospectus dated June 2, 2005.The Company's common shares will commence trading on the TSX Venture Exchange at the open of trading on June 30, 2005 under the trading symbol SA.
The Company is pleased to announce that Robert Vidoni P. Eng., the Company's corporate secretary, has agreed to provide consulting services to the Company and to assume the position of Vice President of Project Management. Mr. Vidoni was previously a senior engineer for Klohn Crippen Consultants Ltd. and brings 12 years of international consulting experience including in Indonesia. Mr. Vidoni is also fluent in Bahasa Indonesia. The Company has agreed to grant to Mr. Vidoni 150,000 options to purchase common shares exercisable at $0.25 for a period of five years. 1/3 of the options will vest immediately with an additional 1/3 vesting in one year and the balance in 2 years.
The Company has also agreed to grant to Eileen Au, 50,000 options to purchase common shares exercisable at $0.25 for a period of 5 years. Ms. Au will be providing office and administrative services to the Company.
SOUTHERN ARC MINERALS INC.
Per: "John Proust"
John Proust, President and CEO
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