EXERCISE OF SOUTHERN ARC STOCK OPTIONS
January 16, 2006
Vancouver, B.C.:Southern Arc Minerals Inc. (TSX Venture: SA) announces that John G. Proust, President and Director of Southern Arc Minerals Inc. (the "Company"), and Cyrus Driver, Chief Financial Officer of the Company, have exercised options to purchase a total of 1,750,000 common shares of the Company at a price of $0.25 per share for proceeds of $437,500.
The Company has also granted a total of 2,275,000 new incentive stock options to officers, directors and consultants of the Company, exercisable at a price of $0.56 per share. The options are exercisable for a period of five years from the date of grant in accordance with the terms of the Company's stock option plan. The grant of options is subject to the policies of the TSX Venture Exchange. A total of 250,000 of the options will be subject to vesting provisions. These options will vest in stages over twelve months, with one-quarter of the total number of options vesting every three months.
On December 29, 2005 the Company completed a private placement of 4,000,000 units at a price of $0.35 per unit for total proceeds of $1,400,000. Units purchased by insiders under the private placement have, under terms agreed to with the TSX Venture Exchange prior to the closing of the private placement, been re-priced and the number of units purchased by said insiders has been reduced. The total proceeds of the private placement to the company remain the same. As a result of the aforementioned adjustments, insiders who purchased 228,500 units of the Company at a price of $0.35 per unit will now receive a total of 142,812 units at a price of $0.56 per unit. Each re-priced unit consists of one common share and a one-half non-transferable share purchase warrant. Each whole warrant may be exercised to acquire an additional common share for a period of two (2) years at $0.56 per share.
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