|By Marketwired .||
|November 8, 2013 07:00 AM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 11/08/13 -- Southern Arc Minerals (TSX VENTURE:SA)(OTCQX:SOACF) ("Southern Arc" or "the Company") shareholders approved all matters put before them at the Company's Annual General Meeting held on November 7, 2013, including election of the Board of Directors and approval of the Company's Stock Option Plan and a new Shareholder Rights Plan.
Messrs. John Proust, Michael Andrews, David Stone, Robert Gallagher and Khalid Al-Obaidli were elected to the Board of Directors. Mr. Al-Obaidli was nominated in place of Mohammed Al-Shahwani, CEO of Qatar Mining Company ("Qatar Mining"), as a Director. Mr. Al-Obaidli is the Chief Investment Officer of Qatar Mining, which purchased a 9.99% interest in Southern Arc in June 2011 through its subsidiary, Tadeen Cyprus.
Mr. Al-Obaidli has an MBA from Paris, France and a BSc in Mining and Geological Engineering from the University of Arizona. Before joining Qatar Mining in 2011 as Chief Investment Officer, Mr. Al-Obaidli held a number of positions with Dolphin Energy Qatar, including Business Support Manager and Health, Safety and Environment Manager. Mr. Al-Obaidli's educational background includes project management, leadership and crisis management.
The Company's executive team is led by John Proust as Chief Executive Officer, with Michael Andrews as President and Chief Operating Officer, Andrew Rowe as Executive Vice President, Rhylin Bailie as Vice President Communications & Investor Relations, and Eileen Au as Corporate Secretary. Brian Richardson and Celeste Curran are both leaving Southern Arc to pursue new opportunities.
The Board of Directors also appointed Danny Lee to the position of Chief Financial Officer. Mr. Lee is a Chartered Accountant with more than 18 years of experience, including eight years as the Chief Financial Officer of resource companies. Mr. Lee's experience includes financial reporting for both Canadian and US listed companies with international subsidiaries, strategic planning, tax planning, corporate governance, equity financings and due diligence for acquisitions.
"On behalf of the Company, I welcome Khalid Al-Obaidli and Danny Lee to the Southern Arc Board and Executive, respectively," said John Proust, Chairman and Chief Executive Officer of Southern Arc. "Southern Arc is at an interesting point in its evolution, as the Company moves from a pure Indonesian focus to a more diverse portfolio of high-quality gold projects in multiple jurisdictions. Mr. Al-Obaidli and Mr. Lee both bring a wealth of industry and business knowledge that will help to guide the Company as we execute our business plan.
"I would like to thank Mr. Al-Shahwani for his contributions to the Board of Directors since 2011, and look forward to maintaining a relationship with Mr. Al-Shahwani as the senior representative of Qatar Mining, one of Southern Arc's major investors. I also thank Brian Richardson and Celeste Curran for their contributions to the Company as Chief Financial Officer and Vice President Corporate & Legal Affairs, respectively, and wish them both well with their future endeavours."
In conjunction with the new appointments, the Company has granted 500,000 stock options exercisable at a price of $0.10 per common share for a period of five years. The stock options will vest over a period of 24 months.
Stock Option Plan
Shareholders ratified the Company's Stock Option Plan, which permits the Company to grant options from time to time for up to 10% of the number of shares outstanding.
Shareholder Rights Plan
Shareholders approved a new Shareholder Rights Plan Agreement (the "Rights Plan"). The Rights Plan has a one-year term and is subject to the approval of the TSX Venture Exchange. The Rights Plan has been adopted to ensure the fair treatment of all Southern Arc shareholders in connection with any possible take-over bid for the outstanding common shares of the Company. If a take-over bid should occur, the Rights Plan provides a mechanism to ensure that shareholders have adequate time to properly evaluate and assess a take-over bid without facing undue pressure. The Rights Plan also provides the Board of Directors with additional time to consider any take-over bid and, if applicable, to explore alternative transactions in order to maximize shareholder value. The Rights Plan is not designed to prevent take-over bids that treat the Company's shareholders fairly. The Board of Directors is not currently aware of any pending or proposed take-over bid for Southern Arc.
On behalf of the Board of Southern Arc Minerals Inc.
John Proust, Chairman & Chief Executive Officer
About Southern Arc
Southern Arc Minerals Inc. is a Canadian mineral exploration company focused on gold and copper-gold exploration. The Company is advancing two properties in Indonesia: West Lombok, a resource-stage property with several gold-rich copper porphyry and epithermal gold vein prospects, and East Elang, a grassroots exploration property that will be advanced in partnership with Vale International SA. In August 2013, Southern Arc acquired a 26.14% interest in Eagle Hill Exploration, which owns the high-grade Windfall Lake Gold Project in Quebec, Canada. Southern Arc is listed on the TSX Venture Exchange under the symbol SA and on the OTCQX International under the symbol SOACF. More information is available at www.southernarcminerals.com or by emailing [email protected].
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.
Cautionary Note Regarding Forward-looking Statements
This document contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively "forward-looking statements"). The use of any of the words "will", "execute", "moves", and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such forward-looking statements should not be unduly relied upon. This document contains forward-looking statements and assumptions pertaining to the Company's business strategy. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors, including uncertainties resulting from potential delays or changes in plans; the occurrence of unexpected events; and the Company's ability to execute and implement future plans. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct.
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