Canarc Arranges CA$40,000 in
Private Placement Financing
Vancouver, Canada � November 2, 2009
- Canarc Resource Corp. (CCM: TSX,
CRCUF: OTC-BB, CAN: DB-F) announces that it has arranged a non-brokered
private placement equity financing totaling approximately CA$40,000.
The
private placement consists of up to 326,000 units priced at CA$0.1225 per
unit for gross proceeds of up to approximately CA$40,000. Each unit
consists of one common share and one-half share purchase warrant.
Each full warrant can be exercised to purchase one common share at CA$0.165
within an 18 month period.
A 7%
finder�s fee is payable in cash on a portion of this placement. The
private placement is subject to exchange and regulatory approvals, and the
shares will be subject to the standard four month hold period (and a US
legend for American subscribers only).
The
recently completed $0.10 unit private placement was oversubscribed by a
small amount but the TSX did not approve the over-subscription so all the
participants in that financing were cut back on a pro rata basis. The
current $0.1225 unit offering is being taken up by some of the participants
in the $0.10 offering in order to accommodate their previously
over-subscribed amounts.
The net
proceeds of the unit private placement will be added to working capital.
Canarc
Resource Corp. is a growth-oriented, gold exploration company listed on the
TSX (CCM) and the OTC-BB (CRCUF). Canarc is currently focused on
exploring its recently acquired Tay LP gold property in south-central Yukon
and seeking a partner to advance its New Polaris gold mine project in
north-western British Columbia to the feasibility stage. Barrick Gold
Corp. is a shareholder.
CANARC
RESOURCE CORP.
Per:
/s/
Bradford J. Cooke
Bradford
J. Cooke
Chairman and C.E.O.
For
more information, please contact Gregg Wilson at Toll Free: 1-877-684-9700,
tel: (604) 685-9700, fax: (604) 685-9744, email: info@canarc.net or visit our website, www.canarc.net.
CAUTIONARY
DISCLAIMER � FORWARD LOOKING STATEMENTS
Certain statements contained herein constitute "forward-looking
statements" within the meaning of the United States Private Securities
Litigation Reform Act of 1995. All statements that are not historical
facts, including without limitation statements regarding future estimates,
plans, objectives, assumptions or expectations of future performance, are
"forward-looking statements". We caution you that such
"forward-looking statements" involve known and unknown risks and
uncertainties, as discussed in the Company's filings with Canadian and United
States securities agencies. The Company expressly disclaims any
obligation to update any forward-looking statements other than as required
by applicable law. We seek safe harbour.
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