Southern Arc Minerals (SA-V) Receipt of US$1.25 Million Final Payment for Taliwang Project Sale and Royalty Sale
Oct 26, '18 - NR
Southern Arc Minerals is pleased to announce that the Company has received aggregate funds of US$1,250,000, US$750,000 of which represents final payment from a prominent Indonesian businessman for the Company's previously announced sale of the Taliwang project. The balance of the funds (US$500,000) represent the consideration paid to Southern Arc for selling and assigning its 5.0% net smelter return interest in the Taliwang project to Kratos Limited, a British Virgin Islands company, pursuant to a royalty purchase and assignment agreement.
"The funds from the final payment for the Taliwang asset and the associated royalty sale allow Southern Arc the ability to continue to participate in equity financings offered by its current portfolio of investee companies and to consider new investment opportunities." said John Proust, Chairman & CEO of Southern Arc.
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 info@southernarcminerals.com.
On behalf of the Board of Southern Arc Minerals Inc.
"John Proust"
Chairman & CEO
Southern Arc Contact
John Proust
Chairman & CEO
Phone: 778-725-1490
Email: info@southernarcminerals.com |
