PT Ancora Indonesia Resources Tbk (JKSE:OKAS) entered into a binding term sheet to acquire Indotan Lombok Pte. Ltd. from Southern Arc Minerals Inc. (TSXV:SA) for $2 million on September 5, 2017. As on September 8, 2017, PT Ancora Indonesia Resources Tbk (JKSE:OKAS) signed an agreement to acquire Indotan Lombok Pte.

Ltd. from Southern Arc Minerals Inc. In consideration for the acquisition, PT Ancora Indonesia Resources will pay Southern Arc $2 million and will grant a 3% net smelter return royalty on any production from the West Lombok property. The completion of the acquisition is subject to a number of conditions precedent including due diligence (to be completed in 45 days), assignment of the existing royalty agreement and finalizing the loan and royalty agreement with the Southern Arc (to be completed in 60 days). As on September 8, 2017, PT Ancora Indonesia Resources received an approval from its shareholders to acquire 100% stake of Indotan Lombok from Southern Arc Minerals.