VANCOUVER, British Columbia, Aug. 09, 2017 (GLOBE NEWSWIRE) -- Southern Arc Minerals Inc. (TSX-V:SA) (“Southern Arc” or the “Company”) announces that it acquired 12,500,000 common shares of Japan Gold Corp. (TSXV:JG) (“Japan Gold”) on August 8, 2017 pursuant to a private placement, representing approximately 18.30% of the issued and outstanding common shares of Japan Gold. Southern Arc also acquired 12,500,000 warrants of Japan Gold which, if exercised, would represent approximately 15.47% of the issued and outstanding common shares of Japan Gold, assuming no further common shares of Japan Gold have been issued.
Immediately prior to the foregoing transaction, Southern Arc owned and/or had control over 23,750,000 common shares of Japan Gold representing approximately 42.57% of the issued and outstanding common shares of Japan Gold. As a result of the foregoing transaction, Southern Arc owns and/or has control over 36,250,000 common shares of Japan Gold, representing approximately 53.08% of the total issued and outstanding common shares of Japan Gold. This represents an approximate 10.51% change in Southern Arc’s ownership of common shares of Japan Gold. As a result of the foregoing transaction, Southern Arc owns and/or has control over 12,500,000 warrants of the Issuer. If Southern Arc were to exercise all of its warrants, it would then own and/or have control over 48,750,000 common shares of Japan Gold representing approximately 60.34% of the issued and outstanding common shares of Japan Gold assuming that no further common shares of Japan Gold have been issued.
Southern Arc acquired the securities for investment purposes, and has no present intention to dispose of or acquire further securities of Japan Gold. Southern Arc may, in the future participate in financings and/or acquire or dispose of securities of Japan Gold in the market, privately or otherwise, as circumstances or market conditions warrant.
About Southern Arc
Southern Arc is a Canadian company focused on creating value through project generation and strategic investments in mineral resource companies with a focus on gold and copper-gold. The Company currently owns a 53.08% interest in Japan Gold Corp. (TSXV:JG), which has 180 prospecting rights applications accepted in Japan in areas with known gold occurrences and a history of mining; and a 29.9% interest in Tethyan Resources, an AIM listed company (AIM:TETH) which is advancing a number of gold, copper and other base metal projects in the Tethyan mineral belt in Eastern Europe. Southern Arc also holds an investment in Osisko Mining Inc. (TSX:OSK), which is advancing a number of gold projects in Canada’s Abitibi Gold Belt, including the high-grade Windfall Lake Gold Project in Quebec, Canada; and an interest in the West Lombok project in Indonesia, a resource-stage property with several gold-rich copper porphyry and epithermal gold vein prospects. 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
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.