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Canarc Announces Name Change, Share Consolidation, $3.2 Million Private Placement Financing, Focus on Canadian Gold Projects, Strategic Review of Nevada Gold Projects and Appointment of New Director
VANCOUVER, BC / ACCESSWIRE / August 19, 2020 / Management of Canarc Resource Corp. (TSX:CCM...
About this update from Canagold Resources Ltd
[{"type":"text","content":"Canarc Announces Name Change, Share Consolidation, $3.2 Million Private Placement Financing, Focus on Canadian Gold Projects, Strategic Review of Nevada Gold Projects and Appointment of New DirectorVANCOUVER, BC / ACCESSWIRE / August 19, 2020 / Management of Canarc Resource Corp. (TSX:CCM)(OTCQB:CRCUF)(Frankfurt:CAN) (\"Canarc\" or the \"Company\") is pleased to announce several corporate changes intended to better reflect the Company's renewed focus on its Canadian gold exploration projects.The changes include a planned name change to Canagold Resources Ltd., a 5:1 share consolidation to better attract institutional investors, a CAD$3.2 million private placement financing to strengthen working capital, a renewed focus on exploring Canarc's gold projects and a strategic review of the Company's Nevada gold projects to create more shareholder value, and the appointment of Andrew Bowering as a Director.Name ChangeManagement has reserved the name Canagold Resources Ltd. to better reflect the Company's renewed focus on its Canadian gold exploration projects. The name change will take effect within the next two weeks once a new CUSIP number is obtained and the ticker symbols will remain the same.Share ConsolidationCanarc intends to consolidate its issued and outstanding common shares on the basis of 5 pre-consolidated shares for 1 post-consolidated share. Management believes that the consolidation is necessary in order to provide the Company with a share capital structure that will better attract institutional equity financing and unlock shareholder value.Canarc currently has 243,956,517 common shares issued and outstanding. After giving effect to the proposed consolidation, the Company will have approximately 48,791,303 common shares issued and outstanding pre-financing. No fractional post-Consolidated shares will be issued and all fractional shares resulting from the Consolidation will be rounded down to the nearest whole number and no cash consideration will be paid in respect of fraction shares. In accordance with their terms, the Company's outstanding 17,850,000 stock options and 1,500,000 share purchase warrants will be adjusted by the consolidation ratio and the exercise prices of outstanding stock options and warrants will also be adjusted accordingly.$3.2 Million Financing (pre share consolidation)Canarc announces a non-broke...