Pt Ancora Indonesia Resources TBK
Southern Arc holds a 5.66% interest (and 3% NSR) in PT Ancora Indonesia Resources Tbk (OKAS:IJ)
An Indonesian public company listed on the Jakarta Stock Exchange that holds Southern Arc’s previously held West Lombok Project.
On December 12, 2017, Southern Arc announced the completion of the sale of the Company's West Lombok Property to PT Ancora Indonesia Resources, Tbk , in consideration for a US$2 million cash payment and the granting of a 3% NSR. (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).
The West Lombok property covers a 13 kilometre long by 7 kilometre wide northwest trending structural corridor of mineralization and alteration hosting three main prospects: the Pelangan epithermal gold prospect, the Mencanggah epithermal/porphyry district, and the Selodong porphyry intrusive complex. 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