SKY RIDGE RESOURCES LTD. SECURES GOLD-SILVER-COPPER EXPLORATION LICENSES AND LAUNCHES NEW JAPAN-FOCUSED EXPLORATION COMPANY
Sky Ridge Resources Ltd. (SYR.H) has entered into a letter of intent, effective July 4, 2016, pursuant to which the company has agreed to acquire Southern Arc Minerals Japan KK (SAMJ), a wholly owned subsidiary of Southern Arc Minerals Inc. (SA.V) SAMJ has filed 80 mineral prospecting rights licence applications in Japan.
Launch of Japan Gold Corp., the first foreign mineral exploration company to focus solely on Japan 80 mineral prospecting license applications across eight distinct projects prospective for gold and porphyry mineralization, including several historical high-grade gold mines Experienced management team and Board of Directors Proposed $5 million financing at $0.20 to undertake exploration and advance the properties
Southern Arc, an arm’s length company, is listed on the TSX Venture Exchange (the “TSX-V”) under the symbol “SA”. In exchange for its ownership of SAMJ, Southern Arc will receive 50,000,000 pre-Consolidation (as defined below) common shares of the Company (the “Acquisition Shares”).
In connection with the proposed Acquisition, the Company intends to complete a private placement financing involving the issuance of 25,000,000 pre-Consolidation common shares at a price of $0.20 per share, for gross proceeds to the Company of $5,000,000 (the “Concurrent Financing”).
The Company intends to change its name to “Japan Gold Corp.” upon completion of the Acquisition.