Southern Arc to acquire 3.16 million Tethyan shares
SOUTHERN ARC Minerals Inc. intends to make an additional investment of up to $950,000 in Tethyan Resources PLC. 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 3.16 million additional new ordinary shares in Tethyan at a price of 30 cents per postconsolidated ordinary share. The closing of the placement is subject to a number of conditions including: Tethyan completing the share consolidation on the basis of one new ordinary share for each six existing ordinary shares; and TSX Venture Exchange approval of the private placement for Tethyan.
Southern Arc presently owns 29.9 per cent 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 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 Southern Arc Minerals Inc.
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 and increased access to industry relationships, global knowledge and proven
We seek Safe Harbor.
Khalid Al-Obaidli, Michael John Andrews, John Charles Carlile, Robert Joseph Gallagher, Morris Klid, John Graham Proust
(SA) Shares: 14,844,116