Southern Arc Proposes Share Consolidation
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sep 17, 2015) - Southern Arc Minerals Inc. (TSX VENTURE:SA) ("Southern Arc" or the "Company") announces a proposed share consolidation of the Company's common shares on a ten for one (10:1) basis. The Company currently has 109,214,510 common shares issued and outstanding. Following the consolidation, the Company will have approximately 10,921,451 common shares issued and outstanding. The exercise price and number of common shares issuable pursuant to all outstanding incentive stock options will also be adjusted in accordance with the consolidation ratio. The share consolidation is subject to approval by the TSX Venture Exchange.
Southern Arc's Board of Directors believes that restructuring the Company's issued share capital is in the best interests of the Company, in order to facilitate new opportunities and help to secure future financing. Southern Arc's name will remain unchanged.
On behalf of the Board of Southern Arc Minerals Inc.
John Proust, Executive Chairman & Chief Executive Officer
About Southern Arc Minerals
Southern Arc Minerals Inc. 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 owns nearly 7% of Oban Mining Corp., which is advancing the high-grade Windfall Lake Gold Project in Quebec, Canada. More information is available at www.southernarcminerals.com
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.
This document contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively "forward-looking statements"). The use of any of the words "proposed", "will", "is subject", "believes" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such forward-looking statements should not be unduly relied upon. This document contains forward-looking statements and assumptions pertaining to the following: uncertainty regarding the receipt and timing of approval of the share consolidation by the TSX Venture Exchange; uncertainty regarding the completion of the share consolidation; uncertainty regarding the effect of the share consolidation on Southern Arc's future share price and trading; uncertainty regarding Southern Arc's ability to raise future capital; uncertainties resulting from potential delays or changes in plans; and the occurrence of unexpected events. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. Southern Arc believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct.
Contact
Southern Arc Minerals Inc.
Rhylin Bailie
Vice President, Communications & Investor Relations
604-609-6147
info@southernarcminerals.com