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BRIEF-ARC Exploration will undertake share purchase plan

Published 15/07/2015, 08:37 am
© Reuters. BRIEF-ARC Exploration will undertake share purchase plan
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July 15 (Reuters) - Arc Exploration Ltd ARX.AX :

* Says will undertake share purchase plan to raise new funds for working capital purposes

* Says will pursues joint venture interest for longer term exploration and development of company's projects

* Says currently engaged in ongoing discussions with potential joint venture partners

* Commences a cost reduction program to conserve cash across all of its operations in both Australia and Indonesia

* Says directors and senior management of co have elected to forgo 50% of their remuneration to end of calendar 2015

* Says remaining 50% of remuneration which they are to receive will be paid by issue of shares in company rather than in cash

* Source text for Eikon ID:nASX9JsFz

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