Southern Arc Minerals (SA.V) announced that the company has, subject to certain conditions, agreed to sell its interest in the Taliwang project in return for cash and shares in the acquiring company.
Southern Arc's 90% share in the Taliwang project (remaining 10% held by the West Sumbawa Regency Government) will be sold to Coke Resources Limited in exchange for US$500,000 and 15 million shares of Coke.
The transaction is contingent on Coke completing its initial public offering on the Australian Stock Exchange. Coke anticipates issuing up to 21,000,000 shares at A$0.20 per share. With 15 million shares, Southern Arc will own
approximately 8% of the company.
SA shares were down half-a-cent to $0.26 on volume of more than 92,000.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
