Canarc to Raise CA$3.1 Million in Two Flow-Through Private Placements.VANCOUVER, 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 -- Canarc Resource Corp. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :CCM CCM Contemporary Christian Music CCM Critical Care Medicine CCM County College of Morris (New Jersey) CCM Chama Cha Mapinduzi (political party, Tanzania) CCM CORBA Component Model )(OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CRCUF) announces it has agreed to raise CA$3.1 million in two private placements of flow-through shares. Dundee Securities Corporation has agreed on a best efforts basis to act as Canarc's Agent in a brokered private placement of up to 3,350,000 flow-through common shares at CA$0.82 per share for total proceeds of up to CA$2,747,000. Dundee will receive 6% cash commission on the gross proceeds and a compensation warrant exercisable for common shares at CA$0.82 per share equal to 6% of the number of flow-through shares placed under the brokered offering for a 12 month period after the closing. Canarc will also complete a non-brokered private placement of up to an additional 450,000 flow-through common shares at CA$0.82 per share for additional proceeds of up to CA$369,000. A cash finders' fee of 6% will apply to this non-brokered private placement. The proceeds of both private placements will be used by Canarc to carry out the Phase 3 in-fill drilling program of approximately 60 holes totalling 18,600 m of core on the New Polaris gold project in northwestern B.C. The 2006 work program will also include an updated N.I. 43-101 resource estimate on the in-filled portion of the historic resource estimate, a conceptual mine plan, initial economic assessment, and additional environmental studies needed to enter into the provincial mine permitting process. The 2006 work program will incur Canadian Exploration Expenses that Canarc will renounce TO RENOUNCE. To give up a right; for example, an executor may renounce the right of administering the estate of the testator; a widow the right to administer to her intestate husband's estate. 2. to the private placees no later than December 31, 2006. The closing date for the two private placements will be on or before March 15, 2006 unless otherwise agreed to by the parties. Canarc Resource Corp. is a growth-oriented, gold exploration and mining company listed on the TSX (symbol CCM) and the OTC-BB (symbol CRCUF). The Company's principal assets are its 100% interest in the New Polaris gold deposit, British Columbia and its 80% option on the Benzdorp gold property, Suriname. 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. and Kinross Gold Kinross Gold Corporation (TSX: K, NYSE: KGC) is a Canadian gold mining company. It is the seventh largest primary gold producer in the world.[1] See also
1. ^ Kinross Gold. Corp. On Behalf of the Board of Directors CANARC RESOURCE CORP. Bradford J. Cooke, Chairman and C.E.O. The TSX Exchange has neither approved nor disapproved the contents of this news release. Canarc Resource Corp. (TSX:CCM) (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. :CRCUF) |
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