Southern Arc announces $18m private placement

Vancouver-based exploration firm Southern Arc Minerals Inc. announced Tuesday that it has completed a private placement for gross proceeds of C$18 million.

The sole purchaser of the common shares was Tadeen Cyprus Holdings Limited, a wholly owned subsidiary of Qatar Mining Company, a company established by the State of Qatar.

The proceeds of this private placement will be used to advance the Company's mineral properties in Indonesia and for general corporate purposes, the company said.

This investment represents a 9.99% interest in Southern Arc and Tadeen Cyprus has requested and been granted the right to maintain a 9.99% interest in the Company.

Southern Arc has four active, advanced projects involving epithermal gold and high-potential gold-copper porphyry prospects on Lombok and Sumbawa islands.(alex)