Southern Arc Minerals has closed its private placement for gross proceeds of C$1 million. The proceeds of the private placement will be used for general working capital.
The company sold 4,166,667 million units at a price of $0.24 per unit. Each unit consists of one common share and one non-transferable share purchase warrant. Each warrant entitles the holder to purchase one common share of the company for a period of five years at an exercise price of $0.32.
“We are pleased to have completed a substantial and important financing in exceptionally challenging market conditions,” said Southern Arc’s chairman and CEO John Proust.
“I would like to personally thank our shareholders for their continued support. That so many directors and existing shareholders chose to increase their positions in Southern Arc underscores the company’s potential.”
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.