Southern Arc First Quarter Financial Results
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov 27, 2015) - Southern Arc Minerals Inc. (TSX VENTURE:SA) ("Southern Arc" or the "Company") has released the results of its first quarter ended September 30, 2015. All amounts are in Canadian dollars unless otherwise stated.
FINANCIAL SNAPSHOT
| September 30, 2015 | June 30, 2015 | June 30, 2014 | ||||||
| Total assets | $ | 6,809,915 | $ | 5,685,639 | $ | 9,423,679 | ||
| Exploration properties | 102,068 | 102,068 | 102,068 | |||||
| Working capital | 5,915,712 | (386,509 | ) | 2,677,476 | ||||
| Comprehensive income / (loss) | 811,192 | (3,967,266 | ) | (8,680,792 | ) | |||
| Basic and diluted income / (loss) per share | $ | 0.11 | $ | (0.36 | ) | $ | (0.78 | ) |
Additional information regarding the Company's financial results and portfolio of projects and investments is available in the unaudited consolidated interim financial statements and Management's Discussion and Analysis, which are available for download on the Company's website at www.southernarcminerals.com and on SEDAR at www.sedar.com.
Southern Arc also announced that the Company has granted 959,000 stock options to directors, officers and consultants. The options are exercisable at $0.32 for a period of five years, with 25% vesting immediately and 25% vesting every six months thereafter. The Company has cancelled 189,500 stock options with exercise prices ranging from $1.00 to $18.50.
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 holds an investment in Oban Mining Corp., which is advancing the high-grade Windfall Lake Gold Project in Quebec, Canada, and has applied for 80 prospecting rights licenses in Northern Japan in an area with known gold occurrences and a history of mining. 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.
Contact
Southern Arc Minerals Inc.
Rhylin Bailie
Vice President, Communications & Investor Relations
604-609-6147
info@southernarcminerals.com
www.southernarcminerals.com