Island-Arc closes two private placements; Munn Lake drilling
Island-Arc Resources Corporation IAR
Shares issued 11,929,971 Sep 9 close $0.14
Fri 10 Sept 99 News Release
Mr. Lawrence Barr reports
Island-Arc Resources has closed two private placements totalling 1,875,000
units of its securities (one share and one share purchase warrant). One
million three hundred seventy-five thousand of the shares (and any shares
derived from exercise of the warrants) have a hold period ending Dec. 12,
1999. The hold period on the remaining 500,000 units is Dec. 30, 1999.
Lawrence D. Barr, directly and indirectly, purchased 500,000 units
comprising 500,000 shares and 500,000 warrants. He previously held,
directly and indirectly, 271,307 shares and 690,000 warrants so now holds
771,307 shares and 1.19 million warrants. If he were to exercise these
warrants in the absence of the exercise of any warrants by any other party,
he would hold 1,961,307 shares out of 16,960,971 shares that would then be
outstanding representing 11.56 per cent.
The drilling program at Munn Lake is proceeding well. The budget has been
increased to permit 1,850 metres of diamond drilling, up from the 1,500
metres originally planed. The exploration program is expected to be
completed in about 10 days. SouthernEra Resources Limited is the operator
of the program which is being financed by Island-Arc Resources Corporation
and Kalahari Resources Inc.
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