Canarc Resource Corp. (TSX: CCM), (OTCQB: CRCUF), (Frankfurt: CAN) announces that it has arranged and closed a non-brokered private placement of flow-through common shares for aggregate gross proceeds to the Company of CAD$1.44 million. 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.
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.
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