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NEWS RELEASECanarc Raises $650,000 Private Placement FinancingVancouver, British Columbia, Canada, Februaury 04, 2003Canarc
Resource Corp. (CCM:TSX and CRCUF:OTC-BB)
announces that it has agreed to a $650,000 non-brokered private
placement financing consisting of 1,250,000 units at $0.52 per
unit. Each
unit will consist of one common share and one half common share
purchase warrant. Each
full warrant can be exercised to purchase an additional common share
at $0.63 within a two-year period. A
7.5% finders fee will apply to a portion of the financing. The net proceeds will be
added to working capital and used in part to fund the first phase of
diamond drilling on the Benzdorp property in Suriname. 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 is currently focused on developing the high grade New Polaris gold deposit in British Columbia and exploring the potentially large Benzdorp gold discovery in Suriname. Major shareholders include Barrick Gold and Echo Bay Mines. ON BEHALF OF THE BOARD OF DIRECTORS CANARC RESOURCE CORP. Bradford J. Cooke President and CEO
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