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VANCOUVER, Nov. 14, 2017 /CNW/ - Southern Arc Minerals
Inc. (TSX-V: SA) ("Southern Arc" or the "Company") is
pleased to announce that it intends to make an additional
investment of up to $950,000 in
Tethyan Resources plc (TSXV: TETH) ("Tethyan").
Tethyan is listed on the TSX Venture Exchange and is exploring for
copper and gold within the Western Tethyan Orogenic Belt in the
European Balkan Region.
Southern Arc intends to subscribe for up to 3.167 million
additional new ordinary shares in Tethyan at a price of
C$0.30 per ordinary share on a post
consolidated (1:6) basis (the "Placement"). The closing of
the Placement is subject to a number of conditions including:
Tethyan completing the share consolidation on the basis of 1 new
ordinary share for each 6 existing ordinary shares; and TSX Venture
Exchange approval of the private placement for Tethyan.
Southern Arc presently owns 29.9% of the issued and outstanding
ordinary shares of Tethyan on an undiluted basis and will not
exceed that percentage on closing of the Placement. The proposed
private placement by Southern Arc will be a "related party
transaction" within the meaning of Multilateral Instrument 61-101
Protection of Minority Security Holders in Special Transactions
("MI 61-101") by virtue of Southern Arc being a "control person" of
Tethyan. The private placement is exempt from the formal valuation
requirements of MI 61-101 pursuant to section 5.5(b) thereof and is
exempt from the minority shareholder approval requirements by
virtue of section 5.7(a) thereof.
About Tethyan
Tethyan Resources plc is a gold and base metal mineral
exploration company incorporated in England & Wales. Tethyan is focused on the Tethyan
Metallogenic Belt in Eastern
Europe, mainly Serbia, where it is acquiring and exploring a
portfolio of quality precious and base metals projects with known
mineralisation and compelling drill targets. Tethyan emphasises
responsible engagement with local communities and stakeholders, and
is committed to proactively implementing Good International
Industry Practice (GIIP) and sustainable health, safety and
environmental management
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
TSX Venture Exchange Disclaimer
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as such term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward Looking Statements
This news release contains forward-looking statements
relating to: completion of the proposed private placement,
completion of the proposed share consolidation and receipt of
regulatory approval for the private placement. These
statements are subject to certain risks and uncertainties, such as,
the regulatory process and actions, new legislation and
uncertainties resulting from potential delays or changes in plans.
Actual results achieved may vary from the information provided
herein as a result of numerous known and unknown risks and
uncertainties and other factors.
SOURCE Southern Arc Minerals Inc.