Southern Arc Announces Voting Results from Special Meeting of Shareholders
Vancouver, British Columbia--(Newsfile Corp. - October 1, 2020) - Southern Arc Minerals Inc. (TSXV: SA) ("Southern Arc" or the "Company") announces the positive outcome of the shareholder (the “Shareholders”) vote at yesterday’s special meeting of the Shareholders (the “Meeting”) regarding the previously announced proposed return of capital transaction by way of a court approved plan of arrangement under the Business Corporations Act (British Columbia) (the “Arrangement”).
The Arrangement was approved by shareholders holding 99.93% of the shares that were voted at the Meeting. Based on overwhelming shareholder support, the Company is now proceeding with the Arrangement pursuant to which the Company proposes to distribute securities (currently owned by the Company) of Japan Gold Corp. (TSXV:JG), Tethyan Resource Corp. (TSXV:TETH), and Rise Gold Corp. (CSE:RISE), to the shareholders of the Company on a pro-rata basis. The Arrangement is intended to maximize value for Southern Arc’s shareholders and allow Southern Arc to distribute assets to its shareholders as a return of capital.
Closing of the transaction remains subject to several conditions including court approval, acceptance by the TSX Venture Exchange, and completion of required regulatory filings. The Company will be releasing an indicative timeline for closing as soon as it is available.
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, statements with respect to the Arrangement. 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 subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including: the Arrangement, court approval, acceptance by the TSXV, receipt of all necessary regulatory approvals, distribution of the securities and completion of the Arrangement.. 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.
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