JAPAN – Vancouver-based Southern Arc Mineral has signed a letter of intent to sell its wholly owned subsidiary, Southern Arc Minerals Japan, to Sky Ridge Resources of Vancouver. A new company, Japan Gold Corp., will be launched to pursue 80 prospecting licences that were filed by Southern Arc. Some of the licences cover historical high grade gold mines.
Japan Gold will be the first foreign mineral exploration company focused solely on Japan. A proposed $5 million financing, originally proposed by Sky Ridge, with which to fund exploration work in Japan will be completed.
As part of the acquisition, Southern Arc will receive 50 million pre-deal common shares of Sky Ridge. Southern Arc will hold 49% of Sky Ridge. The Sky Ridge board of directors will be reconstituted, and the following officers are proposed: John Proust as chairman and CEO, Dr. Michael Andrews as COO. Both men are executives of Southern Arc. Following the acquisition Sky Ridge will change its name to Japan Gold.
Visit the Southern Arc website at www.SouthernArcMinerals.com.