Southern Arc Announces Completion of Return of Capital Transaction and Resumption of Trading under New Symbol SA.H
Vancouver, British Columbia--(Newsfile Corp. - October 30, 2020) - Southern Arc Minerals Inc. (NEX: SA.H) ("Southern Arc" or the "Company") announces the completion of the return of capital transaction by way of court approved plan of arrangement. For each common share of Southern Arc, a shareholder of Southern Arc received:
• 1 Class A share of Southern Arc (NEX: SA.H)
• 1.7577751 common shares of Japan Gold Corp. (TSXV: JG)
• 0.12009743 common shares of Rise Gold Corp. (CSE: RISE)
• 0.0726999 ordinary shares of Adriatic Metals plc (LSE: ADT1)
Southern Arc's Class A shares will resume trading at the open of the markets on Tuesday, November 3, 2020 on the NEX under the symbol SA.H. The Company's move to the NEX was requested by the TSX Venture Exchange on the basis that the Company no longer directly owns any mineral properties.
Following the return of capital transaction, the Company has approximately $2,400,000 in working capital (unaudited), which includes cash, the Company's investment in PT Ancora and its investment in warrants of Japan Gold Corp., Rise Gold Corp. and Adriatic Metals Plc. Southern Arc currently has 22,898,283 Class A shares issued and outstanding and no stock options or warrants convertible into additional Class A shares.
On behalf of the Board of Southern Arc Minerals Inc.
Chairman & CEO
About Southern Arc
Southern Arc Contact
Chairman & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Forward-looking information includes, but is not limited to the proposed trading resumption and timing thereof. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "will be" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are from those expressed or implied by such forward-looking statements or forward-looking information subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different, including receipt of all necessary regulatory approvals. Although management of Southern Arc have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward looking information. The Company will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/67207