Canarc Resource - $9.2 million private placement financing.VANCOUVER Vancouver, city, Canada Vancouver, city (1991 pop. 471,844), SW British Columbia, Canada, on Burrard Inlet of the Strait of Georgia, opposite Vancouver Island and just N of the Wash. border. , British Columbia--(BUSINESS WIRE)--June 3, 1996-- Canarc Resource Corp. (CCM-TSE), has entered into an agreement with Nesbitt Nesbitt is a family and place name. People:
The company has agreed to pay the agent a commission of 6 percent of the gross proceeds of the private placement plus 150,000 broker dealer warrants, having the same terms and conditions as the special warrants. Closing will be subject to regulatory approval. Each special warrant will be convertible into a unit consisting of one common share of the company and one-half share purchase warrant. Each whole warrant will entitle en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: the holder to purchase an additional share for a period of two years at a price of $2.75. The company has agreed to use its best efforts to qualify the issuance of common shares and warrants on conversion of the special warrants by filing a prospectus and obtaining receipts within 90 days of the closing of the private placement. In the event the prospectus is not receipted by the deadline, the special warrant holders will have the option to receive an additional 10 percent in the number of units on conversion or require the company to re-purchase the special warrants. Fifty percent of the funds received on closing of the private placement will be paid to the company and the balance will be held in escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. , with interest earned for Canarc's account, which funds will be released within 3 business days of receiving final receipt for the prospectus. The proceeds from this private placement will be used primarily for the feasibility program on the Polaris Polaris (pōlâr`ĭs) or North Star, star nearest the north celestial pole (see equatorial coordinate system). Taku property in northwestern British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography where gold reserves are now estimated at 1.44 million ounces. The feasibility program planning is underway and mine site work is scheduled to commence this month. Canarc Resource Corp. is a growth-oriented, international gold exploration and mining company with active projects worldwide. Major shareholders include Barrick Gold Barrick Gold Corporation TSX: ABX NYSE: ABX is the largest pure gold mining company in the world, with its headquarters in Toronto, Ontario, Canada; and four regional business units (RBU's) located in Australia, Africa, North America and South America. Corp. (4 percent) and Echo Bay Mines Ltd. (10 percent). -0- ON BEHALF OF THE BOARD OF DIRECTORS CANARC RESOURCE CORP. Bradley T. Aelicks Director NOTE:If you have an E-Mail address See Internet address. e-mail address - electronic mail address and would prefer to receive Canarc's News Releases through this format, please inform us of your E-Mail address. CONTACT: Canarc Resource Corp. Robert Carriere, 604/685-9700 http://www.mcomm.com/Canarc |
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