Canarc Resource Corp. (TSX:CCM) (OTCBB:CRCUF) (DBFrankfurt:CAN) wishes to provide additional information regarding the continued listing review being conducted by the Toronto Stock Exchange.
The TSX has advised the Company that in order to maintain the listing of the common shares of the Company on the TSX, the Company must meet the TSX requirements with respect to working capital and property expenditures. The TSX has granted the Company extensions with respect to these requirements and will be assessing the Company’s progress with respect to the requirements in 30 days.
In order to ensure that the Company has adequate working capital, the Company has completed three private placements since January 2014, raising a total of $2.86 million. The Company expects that this satisfies the TSX requirement with respect to working capital.
As the completion of the Company’s proposed transaction with Pan American Goldfields Ltd. may satisfy the TSX requirements with respect to property expenditures, the TSX will be reviewing the Company’s progress with respect to the proposed transaction. Pursuant to the Company’s letter of intent with Pan American, as announced on February 24, 2014, the Company has until June 30, 2014 to complete its due diligence and enter into a definitive agreement with Pan American.
If the Company determines that the proposed transaction with Pan American is not in the best interests of its shareholders and does not enter into a definitive agreement with Pan American by June 30, 2014, the Company plans to incur expenditures of at least $350,000 for exploration on its core existing projects during 2014. The Company expects that this will satisfy the TSX requirement with respect to property expenditures.
About Canarc Resource Corp.
Canarc is a growth-oriented, gold exploration and mining company listed on the TSX (CCM) and the OTC-BB (CRCUF). The Company is currently seeking a partner to advance its core asset, the 1.1 million oz, high grade, underground, New Polaris gold mine project in British Columbia, to feasibility. Canarc is also seeking to acquire an operating or pre-production gold mine in the Americas.
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