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CANARC
RESOURCE CORP.
810-625
Howe Street
Vancouver,
BC V6C 2T6
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T: 604.685.9700
F: 604.6685-9744
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www.canarc.net
CCM:
TSX
CRCUF:
OTCQB
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News Release
Canarc Arranges CAD$1.44 Million Flow-Through Private
Placement Financing
Vancouver, Canada –July 24, 2019 –
Canarc Resource Corp. (TSX: CCM, OTC-QB: CRCUF, Frankfurt:
CAN) (“Canarc” or
the “Company”) announces that it has arranged and
closed a non-brokered private placement of flow-through common
shares (“FT Shares”) for aggregate gross proceeds to
the Company of CAD$1.44 million (the
“Offering”). The Company has issued an aggregate
of 23,729,856 FT Shares pursuant to the Offering, 17,333,333 of
which were issued at a purchase price of $0.06 per FT Share and the
balance of 6,396,523 were issued at a purchase price of $0.0625 per
FT Share. Canarc has already received conditional approval by the
TSX.
An accomplished investor in the global resource sector became the
ultimate owner of all the FT Shares issued in the Offering, other
than 528,000 FT Shares, which were subscribed for by a Director of
Canarc.
Scott Eldridge, Canarc’s CEO, stated: “We
are pleased to have completed this financing and
we look forward to conducting further exploration work on
our
newly acquired Canadian projects. In particular, our Hard Cash and
Princeton gold projects have district-scale gold discovery
potential where field work is currently underway on both
projects.”
Canarc
will use the proceeds from the Offering to fund its exploration
projects in Canada, including the Princeton and Hard Cash
properties. In accordance with applicable Canadian securities laws,
the FT Shares will be subject to a four month hold period expiring
on November 24, 2019.
After the closing of the Offering, 242,085,000 common shares of the
Company are outstanding.
In
connection with the Offering, the company paid cash finders' fees
to BlackBridge Capital Management Corp. of $91,440 and also issued
them 1.508 million non-transferable finder's warrants, with each
finder's warrant being exercisable to acquire one common share of
the company at an exercise price of $0.06 cents until July 23,
2021.
ON
BEHALF OF THE BOARD OF DIRECTORS
"Scott Eldridge”
____________________
Scott Eldridge, Chief Executive
Officer
CANARC
RESOURCE CORP.
About Canarc - Canarc Resource Corp. is
a growth-oriented gold exploration company focused on generating
superior shareholder returns by discovering, exploring and
developing strategic gold deposits in North America. The
Company is currently advancing two core assets, each with
substantial gold resources, and has initiated a high impact
exploration strategy to acquire and explore new properties that
have district-scale gold discovery potential. Canarc shares
trade on the TSX: CCM and the OTCQB: CRCUF.
For More Information - Please contact:
Scott
Eldridge, CEO
Toll
Free: 1-877-684-9700
Tel: (604)
685-9700
Cell: (604) 722-5381
Email:
scott@canarc.net
Website:
www.canarc.net
Cautionary Note Regarding Forward-Looking Statements
This news release contains “forward-looking statements”
within the meaning of the United States Private Securities
Litigation Reform Act of 1995 and “forward-looking
information” within the meaning of applicable Canadian
securities legislation. Statements contained in this news release
that are not historic facts are forward-looking information that
involves known and unknown risks and uncertainties. Forward-looking
statements in this news release include, but are not limited to the
use of proceeds of the Offering. In certain cases, forward-looking
statements can be identified by the use of words such as "plans",
"has proven", "expects" or "does not expect", "is expected",
"potential", "appears", "budget", "scheduled", "estimates",
"forecasts", "at least", "intends", "anticipates" or "does not
anticipate", or "believes", or variations of such words and phrases
or state that certain actions, events or results "may", "could",
"would", "should", "might" or "will be taken", "occur" or "be
achieved".
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Such risks
and other factors include, among others, risks related to the state
of financial markets, risks related to regulatory approval, risks
related to the uncertainties inherent in the estimation of mineral
resources; commodity prices; changes in general economic
conditions; market sentiment; currency exchange rates; the
Company's ability to continue as a going concern; the Company's
ability to raise funds through equity financings; risks inherent in
mineral exploration; risks related to operations in foreign
countries; future prices of metals; failure of equipment or
processes to operate as anticipated; accidents, labor disputes and
other risks of the mining industry; delays in obtaining
governmental approvals; government regulation of mining operations;
environmental risks; title disputes or claims; limitations on
insurance coverage and the timing and possible outcome of
litigation. Although the Company has attempted to identify
important factors that could affect the Company and may cause
actual actions, events or results to differ materially from those
described in forward-looking statements, there may be other factors
that cause actions, events or results not to be as anticipated,
estimated or intended. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, do not place undue
reliance on forward-looking statements. All statements are made as
of the date of this news release and the Company is under no
obligation to update or alter any forward-looking statements except
as required under applicable securities laws.