Canarc Closes $3 Million in Private Placement Financings
Vancouver , British Columbia , Canada
November 17, 2003
Canarc Resource Corp . (CCM:TSX and
CRCUF:OTC-BB) announces that it has now closed the
CA $3 million in private placement financings previously announced.
The Company issued 3,080,000 units at CA $0.90 per unit to raise
CA $2,772,000. Each unit consists of one common share and one
half common share purchase warrant, each full warrant being exercisable
to purchase an additional common share at $1.05 within a two
year period ending November 13, 2005. The proceeds will be added
to working capital and used in part to fund the next phase of
drilling on the Benzdorp property in Suriname.
Canarc also issued 250,000 units at $1.05 per unit to raise
CA $262,500. Each unit consists of one flow through common share
and one half common share purchase warrant, each full warrant
being exercisable to purchase an additional common share at $1.25
within a two year period. The flow through investor, Endeavour
Flow-Through Limited Partnership 2003, will receive the C.E.E.
tax write-off as well as the tax credits related to the flow
through shares. The proceeds will be used to fund the next phase
of drilling on the New Polaris property in British Columbia .
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 1.3 million oz New Polaris gold
deposit located in northwestern British Columbia and its option
on the huge Benzdorp gold property in Suriname . Major shareholders
include Barrick Gold Corp. and Kinross Gold Corp.
On Behalf of the Board of Directors
CANARC RESOURCE CORP.
/s/ �Bradford J. Cooke�
Bradford J. Cooke
President and C.E.O.
For more information, please contact Gregg
Wilson at tel: (604) 685-9700, fax: (604) 685-9744, email [email protected] or
visit our website, www.canarc.net. The TSX Exchange
has neither approved nor disapproved the contents of this news