Vancouver, BC - TheNewswire - March 12, 2020 - PACIFIC ARC RESOURCES LTD. (the "Company" or "Pacific Arc") (TSXV-NEX:PAV.H) is pleased to announce that further to its press release dated January 14, 2020, it has closed its non-brokered private placement (the "Private Placement") of 1,000,000 common shares at a price of $0.17 raising gross proceeds of $170,000.
Cash finders' fees to arm's length parties totalling $1,610 were paid on a portion of the Private Placement. The shares issued under the Private Placement will be subject to a four-month hold period which expires on July 13, 2020.
Net proceeds from the private placement will be used for general corporate purposes and for other general and administrative expenses, including legal and accounting fees, that the Company estimates it will incur as it reviews business opportunities.
ON BEHALF OF THE BOARD OF DIRECTORS
PACIFIC ARC RESOURCES LTD.
s/ "John MacPhail"
John MacPhail , President, CEO and Director
For further information, please contact:
John MacPhail, President, CEO & Director
Phone: (778) 688-7411
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution Concerning Forward-Looking Information
This news release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws, including statements regarding the future strategy of the Company and the possible approvals of matters by shareholders of the Company. This information and statements address future activities, events, plans, developments and projections. All statements, other than statements of historical fact, constitute forward-looking statements or forward-looking information. Such forward-looking information and statements are frequently identified by words such as "may", "will", "should", "anticipate", "plan", "expect", "believe", "estimate", "intend" and similar terminology, and reflect assumptions, estimates, opinions and analysis made by management in light of its experience, current conditions, expectations of future developments and other factors which it believes to be reasonable and relevant. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, the risks associated with the Company's business which are more fully described in the Company's annual and quarterly Management's Discussion and Analysis and in other filings made by the Company with Canadian securities regulatory authorities and available at www.sedar.com .
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2020 number 2
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