Southern Arc Negotiates US$1 Million Loan From Director

Jumat, 10 Februari 2012

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Kamis, 08 Juli 2010 08:21

VANCOUVER- BRITISH COLUMBIA, Tambangnews.com.- Southern Arc Minerals Inc. ("Southern Arc" or the "Company") (TSX VENTURE:SA) is very pleased to report that Dr. Michael Andrews, a director of the Company has loaned $1 million (USD) to the Company. Southern Arc will use the proceeds of the loan to fund its Indonesian subsidiaries in connection with the applications for mining business licenses (IUP's) on its West Lombok and Taliwang (Sumbawa Island) properties.

John Proust, President and CEO of Southern Arc Minerals in a press release explaining The loan is non interest bearing, has a 3 month term, and may be repaid earlier by the Company. In consideration for granting the loan, the Company has assigned its option (the "Option") to acquire 500,000 of the Company's shares which are currently owned by Indotan Inc. The Option may be exercised until August 15, 2010 at a price of $0.50 per common share. "The Option is assignable by the Company and was previously announced in a news release dated October 29, 2009." said Jhon. (tn01)

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