BRIEF-Sky Ridge says enters LOI to buy Southern Arc Minerals Japan

Wed Jul 6, 2016 9:24am EDT
 
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July 6 (Reuters) - Sky Ridge Resources Ltd

* Entered letter of intent effective July 4, pursuant to which co has agreed to acquire Southern Arc Minerals Japan Kk (samj)

* In exchange for its ownership of SAMJ, Southern Arc will receive 50 million pre-consolidation common shares of company

* Intends to complete private placement financing involving issuance of 25 million pre-consolidation common shares for $0.20/share Source text for Eikon: Further company coverage: