Pt Ancora Indonesia Resources TBK
Southern Arc holds an equity interest in PT Ancora Indonesia Resources Tbk (OKAS:IJ) and a 3% NSR on the West Lombok Project
An Indonesian public company listed on the Jakarta Stock Exchange that holds Southern Arc’s previously held West Lombok Project.
In December, 2017, Southern Arc completed the sale of the West Lombok Property to PT Ancora Indonesia Resources, Tbk , in consideration for US$2 million and the granting of a 3% NSR. (PT Ancora has the right to buy back the NSR from Southern Arc at any time by paying an additional US$2 million.)
Southern Arc used cash proceeds from the sale to acquire 100 million shares of PT Ancora, for investment purposes (5.66% of PT Ancora’s issued and outstanding shares at the time).
The West Lombok property covers a 13 kilometre long by 7 kilometre wide northwest trending structural corridor of mineralization and alteration hosting three main prospects: the Pelangan epithermal gold prospect, the Mencanggah epithermal/porphyry district, and the Selodong porphyry intrusive complex. The 3% NSR allows Southern Arc and its shareholders to maintain their exposure to the Property’s upside potential
Please see news release dated December 12, 2017 for details.