WEST LOMBOK PROJECT
On December 12, 2017, Southern Arc announced the completion of the sale of the West Lombok Property to PT Ancora Indonesia Resources, Tbk ("PT Ancora”), in consideration for a US$2 million cash payment and the granting of a 3% NSR. Under the terms of the agreement, PT Ancora has the right to buy back the NSR from Southern Arc at any time by paying an additional US$2 million.
Southern Arc has used the cash proceeds from the sale to acquire 100 million shares of PT Ancora (5.66% of PT Ancora’s issued and outstanding) from third parties in a private transaction.
The 5.66% interest in PT Ancora and the 3% NSR allow Southern Arc and its shareholders to maintain their exposure to the Property’s upside potential.
EAST ELANG PROJECT
In May 2016 Southern Arc sold its share of the East Elang property to an Indonesian individual for US$20,000 and a 3% NSR on all future sales or other disposition of mineral production from the property. Southern Arc's 3% NSR will allow the Company and its shareholders to benefit should East Elang advance to production.
In July 2014 Southern Arc sold its Taliwang project for US$1.75 million plus a 5% net smelter royalty. The Purchaser can buy back 3% of the NSR by paying Southern Arc US$3 million. To date Southern Arc has received US$1 million of the purchase price, with the remainder to be paid from 40% of gross revenue generated from the project.
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September 5, 2017
Southern Arc Sells West Lombok Property read more