Lloyd I. Miller, III

December 13, 2016 07:55 ET

Lloyd I. Miller, III Acquires Additional Common Shares of Southern Arc Minerals Inc.

WEST PALM BEACH, FLORIDA--(Marketwired - Dec. 13, 2016) - On December 12, 2016, Lloyd I. Miller, III acquired ownership, control or direction over 17,000 common shares ("Common Shares") of Southern Arc Minerals Inc. ("Southern"), representing an increase in Mr. Miller's securityholding percentage of approximately 0.10% of the outstanding Common Shares on a partially diluted basis taking into account only the outstanding Common Shares, as reported by Southern, and the Common Shares and Common Share purchase warrants ("Warrants") owned or controlled by Mr. Miller and no others. Mr. Miller acquired the foregoing Common Shares through MILFAM II L.P. ("M2"), a partnership of which Mr. Miller is the managing member of the general partner.

Prior to the acquisition, Mr. Miller acquired ownership, control or direction over 323,000 Common Shares through M2 and another entity, bringing his ownership, control or direction to 1,904,000 Common Shares and 575,000 Warrants, representing an increase in Mr. Miller's securityholding percentage from 13.76%, as previously reported, to 15.73% of the outstanding Common Shares on a partially diluted basis taking into account only the outstanding Common Shares, as reported by Southern, and the Common Shares and Warrants owned or controlled by Mr. Miller and no others.

Immediately after the acquisition, Mr. Miller, through M2 and other entities, had ownership, control or direction over an aggregate of 1,921,000 Shares and 575,000 Warrants, representing approximately 15.83% of the outstanding Common Shares on a partially diluted basis taking into account only the outstanding Common Shares, as reported by Southern, and the Common Shares and Warrants owned or controlled by Mr. Miller and no others.

The Common Shares were acquired through the facilities of the TSX Venture Exchange at a price of US$0.3506 per Common Share, which based on the Bank of Canada noon exchange rate on December 12, 2016 equals CDN$0.4016 per Common Share for a total consideration of CDN$6,826.49.

The Common Shares were acquired for investment purposes. Depending on the evolution of Southern's business, financial condition, the market, if any, for Southern's securities, general economic conditions and other factors, Mr. Miller and his joint actors may acquire additional securities of Southern, or sell some or all of the securities they hold, in the open market, by private agreement or otherwise, subject to their availability at attractive prices, market conditions and other relevant factors.

For inquiries or a copy of the related early warning report, a copy of which will be filed on www.sedar.com under Southern's profile.

Contact Information

  • Lloyd I. Miller, III
    3300 South Dixie Highway, Suite 1-365
    West Palm Beach, Florida
    USA 33405
    (561) 287-5399
    info@limadvisory.com

    Eric Fangmann
    3300 South Dixie Highway, Suite 1-365
    West Palm Beach, Florida
    USA 33405
    (561) 287-5399
    info@limadvisory.com