Southern Arc Announces Sale of Taliwang Project
Southern Arc’s 90% share in the Taliwang project (remaining 10% held by the West Sumbawa Regency Government) will be sold to Coke Resources Limited (“Coke”). In consideration for Coke purchasing 90% of the Taliwang project, Southern Arc will receive US$500,000 and 15 million shares of Coke. The transaction is contingent on Coke completing its initial public offering on the Australian Stock Exchange. Coke anticipates issuing up to 21,000,000 shares at A$0.20 per share. With 15 million shares, Southern Arc will own approximately 8% of the company. The shares will be held in escrow for a period of six months from the date Coke lists on the Australian Stock Exchange, after which Southern Arc may freely trade the shares.
“On December 13 Southern Arc’s Board of Directors announced the conditional acceptance of an offer for the Taliwang project,” said John Proust, Chairman and Chief Executive Officer of Southern Arc. “This arrangement with Coke Resources meets our objectives of increasing the Company’s treasury and allowing Southern Arc to focus its time and resources on its priority projects.
On behalf of the Board of
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