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Trading Symbol TSE:CCM
NEWS ANNOUNCEMENT ---------- FOR IMMEDIATE RELEASE
Canarc Agrees to CA$450,000 Private Placement Financing
Vancouver, British Columbia, Canada
May 22, 2001
Bradford J. Cooke, President and C.E.O of Canarc Resource Corp. (CCM-TSE)
is pleased to announce that the Company has agreed to a CA$450,000 equity
financing with certain shareholders.
The private placement is for 3 million units priced at CA$0.15 per unit,
each unit consisting of one common share and one common share purchase
warrant. The warrants have a three year term and each warrant can be exercised
to purchase a common share at CA$0.18 within two years and CA$0.20 within
the third year.
The proceeds will be added to working capital so as to maintain a positive
treasury into 2002. Canarc recently introduced further cost-cutting measures
by laying off the balance of its geological staff. However, they remain
available as needed on a consulting basis.
Canarc plans to further develop its existing gold property portfolio
pending higher gold prices. In 2001, the Company will also focus on forming
a joint venture or strategic alliance with a major company in order to
drill the attractive new Clara property in Mexico.
Canarc Resource Corp. is a growth-oriented, international gold exploration
and mining company. Our attractive property portfolio includes projects
in Canada, Mexico, Costa Rica and Suriname. Major shareholders include
Barrick Gold and Echo Bay Mines. The Companyâ€™s common shares trade
under the symbol “CCM” on the Toronto Stock Exchange and “CRCUF”
on the OTC Bulletin Board.
For further information please contact Bradford Cooke at (604) 685-9700.
ON BEHALF OF THE BOARD OF DIRECTORS
CANARC RESOURCE CORP.
Bradford J. Cooke
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