Southern Arc Announces Interest in Oban Mining Corporation
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sep 9, 2015) - Southern Arc Minerals (TSX VENTURE:SA) ("Southern Arc") announces that the Company received shares and warrants in Oban Mining Corp. (TSX:OBM) ("Oban") pursuant to the completion of Oban's court approved plan of arrangement involving Eagle Hill Exploration Corp. ("Eagle Hill"), Ryan Gold Corp. and Corona Gold Corp..
In exchange for securities of Eagle Hill held by Southern Arc, on closing of the arrangement Southern Arc received a total of 3,129,319 common shares of Oban representing approximately 6.8% of the issued and outstanding shares of Oban on an undiluted basis. Southern Arc also received warrants exercisable into 3,473,303 common shares of Oban. If Southern Arc were to exercise all of its warrants, it would then own a total of 6,602,622 common shares of Oban representing approximately 13.3% of Oban's issued and outstanding shares, assuming that no further common shares of Oban were issued.
The securities acquired will be held for investment purposes. Southern Arc may, depending on market and other conditions, increase or decrease its beneficial ownership of Oban's securities, whether in the open market, by privately negotiated agreements or otherwise, subject to a number of factors including general market conditions and other available investment and business opportunities.
This press release is issued pursuant to Multilateral Instrument 62-104. A report respecting the above acquisition will be filed with the applicable securities commissions using the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) and will be available for download at www.sedar.com.
On behalf of the Board of Southern Arc Minerals Inc.
John Proust, Executive Chairman & Chief Executive Officer
About Southern Arc
Southern Arc Minerals Inc. is a Canadian mineral exploration company focused on gold and copper-gold exploration. The Company is advancing two properties in Indonesia: West Lombok, a resource-stage property with several gold-rich copper porphyry and epithermal gold vein prospects, and East Elang, a grassroots exploration property that will be advanced in partnership with Vale International SA. Southern Arc also owns nearly 7% of Oban Mining Corp., which is advancing the high-grade Windfall Lake Gold Project in Quebec, Canada. More information is available at www.southernarcminerals.com.
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.
Contact
Southern Arc Minerals
Rhylin Bailie
Vice President, Communications & Investor Relations
604-609-6147
info@southernarcminerals.com
www.southernarcminerals.com
