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Gold/Mining/Energy : ISLAND-ARC RESOURCES IAR-VSE
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To: The Fix who wrote (35)1/16/1998 10:41:00 AM
From: Ed Pakstas  Read Replies (1) of 186
 
Acquisition of Back Lake diamond project completeÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ
Island-Arc Resources Corporationÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ IAR
Shares issued 8,583,285ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ Jan 15 close $0.35
Fri 16 Jan 98ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ News Release
Mr Lawrence Barr reports
The directors of Island-Arc Resources Corporationÿ haveÿ advancedÿ finances
againstÿ the private placement announced on January 14, and the company has
completed the cash payments required under its agreementsÿ toÿ acquireÿ its
additionalÿ interestsÿ inÿ theÿ Backÿ Lake Diamond project in the Northwest
Territories of Canada.
$292,500 has been paid to the five companies who soldÿ theirÿ carriedÿ Back
Lake Diamond project interests to Island-Arc, raising Island- Arc's carried
interest in the project to 10.62%. SouthernEraÿ Resourcesÿ Limitedÿ isÿ the
operatorÿ ofÿ theÿ project and drilling on Munn Lake is expected later this
winter.
Significantly, if a commercial diamond mine is discoveredÿ onÿ theÿ project
area,ÿ theÿ underlyingÿ agreementÿ withÿ Kennecottÿ Canadaÿ Inc (from which
SouthernEra is earning its interest) allows Island-Arc to takeÿ itsÿ 10.62%
shareÿ ofÿ diamondÿ productionÿ inÿ kind. Island- Arc would thus be able to
directly market itsÿ shareÿ ofÿ diamondÿ productionÿ independentlyÿ ofÿ the
operator's marketing, if it so chose.
The special warrants from the $80,000 December flow-through financingÿ have
nowÿ beenÿ issued.ÿ Theÿ 320,000 underlying shares and warrants have a hold
period ending December 30 1998.
The bonus special warrants from the December loan financings have also been
issued.ÿ Anyÿ ofÿ the shares issued upon exercise of the 330,000 underlying
warrants will have a hold period ending January 9 1999.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
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