Southern Arc Minerals has negotiated the terms of a non-brokered private placement to raise up to C$1 million through the sale of up to 4.166 million units at a price of C$0.24 per unit. Proceeds of the financing will be used for general working capital.
Each unit will consist of one common share and one share purchase warrant. Each warrant will entitle the holder to purchase one common share of the company for a period of five years at an exercise price of $0.32.
The private placement is subject to TSX Venture Exchange approval. No finder fees are payable in connection with this financing.
Southern Arc is a Canadian mineral exploration company focused on gold and copper-gold exploration. The company is advancing two properties in Indonesia – West Lombok, a resource-stage property with several gold rich copper porphyry and epithermal gold vein prospects; and East Elang, a grassroots exploration property that will be advanced in partnership with Vale International SA.
Southern Arc also holds an investment in Oban Mining Corporation, which is advancing the high-grade Windfall Lake Gold Project in Quebec, Canada, and has applied for 80 prospecting rights licences in northern Japan in an area with known gold occurrences and a history of mining.