Southern Arc Minerals Inc. said Dec. 12 that it used cash proceeds from the sale of its Singaporean Indotan Lombok Pte. Ltd. subsidiary to PT Ancora Indonesia Resources Tbk to acquire 100 million PT Ancora shares, representing a 5.66% stake.
Indotan Lombok owns 90% of PT Indotan Lombok Barat Bangkit, which in turn holds the exploration permit for the feasibility-stage West Lombok gold property in Indonesia.
The company outlined plans in early September for the US$2 million sale of its Singaporean unit.
