By Sheri Kasprzak
New York, March 7 - Southern Arc Minerals Inc. said it intends to raise C$3.03 million in a private placement.
The company plans to sell 4,328,571 units at C$0.70 each.
Each unit includes one share and one half-share warrant. The whole warrants are exercisable at C$1.00 each for two years.
Haywood Securities Inc. is the underwriter for 2.9 million of the units. The rest will be placed on a non-brokered basis.
Proceeds will be used for exploration on the company's Indonesian mineral properties and for working capital.
Vancouver, B.C.-based Southern Arc is a mineral exploration company.
| Issuer: | Southern Arc Minerals Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$3.03 million
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| Units: | 4,328,571
|
| Price: | C$0.70
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.00
|
| Underwriter: | Haywood Securities Inc. (for 2.9 million units)
|
| Pricing date: | March 7
|
| Stock symbol: | TSX Venture: SA
|
| Stock price: | C$0.63 at close March 6
|
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