Southern Arc Minerals Inc. (TSXV:SA,OTCQX:SOACF) announced that shareholders have approved its plan to acquire a 26.14-percent interest in Eagle Hill Exploration Corp. (TSXV:EAG) by way of a private placement. Dundee Corp. (TSX:DC.A) increased its ownership of Eagle Hill to 26.14 percent via the same private placement.
As quoted in the press release:
Southern Arc invested $7,324,050 to acquire 97,654,000 units of Eagle Hill by way of private placement at a price of $0.075 per unit. Each unit comprises one common share of Eagle Hill and one half share purchase warrant, with each whole warrant entitling the holder to acquire a further common share of Eagle Hill at a price of $0.10 per share for a period of four years. Should Southern Arc choose to exercise all of its warrants, the Company would hold a 30.74% interest in Eagle Hill on a fully diluted basis, and be the company’s largest shareholder.