VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 19, 2017) - Southern Arc Minerals Inc. (TSX VENTURE:SA) ("Southern Arc" or the "Company") is pleased to announce that the TSX Venture Exchange ("TSXV") has accepted the Company's notice of intention to make a normal course issuer bid ("NCIB").
Under the terms of the NCIB, Southern Arc may acquire up to an aggregate of 761,280 common shares, representing 5% of current issued and outstanding common shares of the Company. In the opinion of the board of directors of Southern Arc, its common shares have been trading at prices that do not give full effect to the underlying value of the Company. Accordingly, the Company believes that the purchase of common shares under the NCIB will increase the proportionate interest of remaining shareholders in the Company. The NCIB purchases will provide increased liquidity to current shareholders who would like to sell their shares. In the past 12 months, Southern Arc did not repurchase any of its common shares through an NCIB.
As of April 4, 2017, the Company had 15,225,616 common shares outstanding, of which 10,058,663 common shares represent the public float of Southern Arc. Under TSXV policies, the Company is entitled to purchase up to 2% of the total issued and outstanding common shares in any 30 day period up to the maximum of 761,280 common shares over the 12 month period that the NCIB is in place.
The purchases will commence on April 24, 2017 and will end on April 23, 2018, or on such earlier date as Southern Arc may complete its purchases pursuant to the notice of intention to make an NCIB filed with the TSXV. The actual number of common shares which will be purchased and the timing of any such purchases will be determined by the Company. All common shares purchased by the Company will be on the open market through the facilities of TSXV by Haywood Securities Inc. ("Haywood") acting on behalf of Southern Arc in accordance with the policies of the TSXV and will be surrendered by the Company to its transfer agent for cancellation. The prices that Southern Arc will pay for any of the common shares purchased will be the market price of the shares at the time of acquisition.
Purchases under the Plan will be made by Haywood based upon the parameters prescribed by the TSXV and applicable Canadian securities laws. The Plan has been reviewed by the TSXV and will be in effect for the term of the NCIB.
About Southern Arc
Southern Arc Minerals Inc. is a Canadian mineral exploration company focused on gold and copper-gold exploration. The Company owns a 42.9% interest in Japan Gold Corp. (TSX VENTURE:JG), which has applied for 148 prospecting rights licenses in Japan in an area with known gold occurrences and a history of mining; and a 29.9% interest in Tethyan, an AIM listed company (AIM:TETH) which is advancing a number of copper gold projects in the Tethyan mineral belt in Serbia. 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 email@example.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.
This news release contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, uncertainties resulting from potential delays or changes in plans, uncertainties resulting from working in a new political jurisdiction, uncertainties regarding the results of exploration, uncertainties regarding the timing and granting of prospecting rights, uncertainties regarding the Company's ability to execute and implement future plans, and the occurrence of unexpected events. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors.
Southern Arc Minerals Inc.
Chairman & CEO