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VANCOUVER, July 3, 2018 /CNW/ - Southern Arc Minerals Inc. (TSXV: SA) ("Southern Arc" or the "Company") is pleased to announce that it has purchased 1,600,000 units in Tethyan Resources plc (TSXV: TETH) ("Tethyan") at a price of C$0.25 per unit for an aggregate purchase price of C$400,000 by way of private placement (the "Acquisition"). Each unit is comprised of one ordinary share and one-half of one transferable share purchase warrant of Tethyan. Each whole warrant is exercisable into one ordinary share of Tethyan at an exercise price of C$0.35 per share until June 28, 2021.
Southern Arc now owns 22.53% of the issued and outstanding ordinary shares of Tethyan, on an undiluted basis. This incorporates the Acquisition and the dilution incurred under the Taor transaction, see Tethyan news release dated July, 03, 2018. The private placement by Southern Arc is a "related party transaction" within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101") by virtue of Southern Arc being a "control person" of Tethyan. The private placement is exempt from the formal valuation requirements of MI 61-101 pursuant to section 5.5(b) thereof and is exempt from the minority shareholder approval requirements by virtue of section 5.7(1)(a) thereof.
Tethyan Resources plc is a gold and base metal mineral exploration company incorporated in England & Wales. Tethyan is focused on the Tethyan Metallogenic Belt in Eastern Europe, mainly Serbia, where it is acquiring and exploring a portfolio of quality precious and base metals projects with known mineralisation and compelling drill targets. Tethyan emphasises responsible engagement with local communities and stakeholders, and is committed to proactively implementing Good International Industry Practice (GIIP) and sustainable health, safety and environmental management. More information is available at www.tethyan-resources.com or by email at [email protected].
About Southern Arc
Southern Arc is a Canadian company focused on enhancing shareholder value through strategic investments in mineral resource companies with a focus on gold and copper-gold. Southern Arc's management team identifies highly prospective assets in politically safe jurisdictions and seeks to unlock their value by providing strategic investments, proven technical skills, global knowledge, and increased access to industry relationships. More information is available at www.southernarcminerals.com or by email at [email protected].
On behalf of the Board of Southern Arc Minerals Inc.
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.
SOURCE Southern Arc Minerals Inc.
For further information: Southern Arc Contact: John Proust, Chairman & CEO, Phone: 778-725-1490, Email: [email protected]