News
Canarc Arranges CA$62,000 Loan Financing with Directors and Officers
Vancouver, Canada � May 11, 2009 - Canarc Resource Corp. (TSX: CCM, OTC-BB: CRCUF, DB-Frankfurt: CAN) announces that it has arranged a CA$62,000 loan financing with certain officers and directors.
The financing is in the form of a demand loan, earning 9% annual interest payable quarterly, and secured by approximately 250,000 common shares of Caza Gold Corp. valued at CA$0.25 per share.
The proceeds will be added to working capital in order to facilitate the ongoing evaluations of merger and acquisition opportunities.
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 advancing its New Polaris gold mine project in north-western British Columbia to the feasibility stage, exploring the large Benzdorp gold belt and acquiring attractive gold exploration and mining projects in North America.� 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: [email protected] or visit our website, www.canarc.net.� The TSX has neither approved nor disapproved the contents of this news release.
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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