Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : ISLAND-ARC RESOURCES IAR-VSE -- Ignore unavailable to you. Want to Upgrade?

To: The Fix who wrote (35)	1/16/1998 10:41:00 AM
From: Ed Pakstas	Read Replies (1) \| Respond to 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