Southern Arc Announces Additional Investment in Tethyan Resources plc
July 3, 2018 – Vancouver, British Columbia - Southern Arc Minerals Inc. (TSX-V: SA) (“Southern Arc” or the “Company”) is pleased to announce that it has purchased 1,600,000 units in Tethyan Resources plc (TSXV: TETH) (“Tethyan”) at a price of C$0.25 per unit for an aggregate purchase price of C$400,000 by way of private placement (the “Acquisition”). Each unit is comprised of one ordinary share and one-half of one transferable share purchase warrant of Tethyan. Each whole warrant is exercisable into one ordinary share of Tethyan at an exercise price of C$0.35 per share until June 28, 2021.
Southern Arc now owns 22.53% of the issued and outstanding ordinary shares of Tethyan, on an undiluted basis. This incorporates the Acquisition and the dilution incurred under the Taor transaction, see Tethyan news release dated July, 03, 2018. The private placement by Southern Arc is a “related party transaction” within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”) by virtue of Southern Arc being a “control person” of Tethyan. The private placement is exempt from the formal valuation requirements of MI 61-101 pursuant to section 5.5(b) thereof and is exempt from the minority shareholder approval requirements by virtue of section 5.7(1)(a) thereof.
About Southern Arc
On behalf of the Board of Southern Arc Minerals Inc.
Chairman & CEO
Southern Arc Minerals Inc.
Suite 650 - 669 Howe Street, Vancouver, BC V6C 0B4 Canada
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Chairman & CEO
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