RE:RE:Uh folks there is a twenty cent financingTechnically the Newco after a share consolidation however it will be the same management team of Proust and company. So yes the debt still belongs to SA.
" In addition, it is contemplated that John Proust, who is currently the Chairman and Chief Executive Officer of Southern Arc, will become the Chairman and Chief Executive Officer of the Company, and that Michael Andrews, who is currently the President, Chief Operating Officer and a Director of Southern Arc, will become the Chief Operating Officer of the Company."
Closing of the Acquisition is subject to a number of conditions including entering into definitive agreements, consolidation of the Company's existing share capital on a one (1) for two (2) basis (the "Consolidation")