Mr. John MacPhail reports
PACIFIC ARC ANNOUNCES PLANNED DEBT-TO-EQUITY CONVERSION
Pacific Arc Resources Ltd. has agreed to settle outstanding indebtedness with arm's-length parties in the sum of $36,613 by the issuance of 159,186 common shares of the company at a conversion price, as per regulatory guidelines, of 23 cents per share. The parties involved are directors of the company.
All securities issuable in connection with the transaction will be subject to a four-month hold period from the date of issue.
The completion of this transaction is subject to the approval of the TSX Venture Exchange.
We seek Safe Harbor.
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