Business
Canarc Announces Results of its Special General Meeting of Shareholders Approving Upsized Financing Totaling CAD$8.4 Million
VANCOUVER, BC / ACCESSWIRE / October 21, 2020 / Canarc Resource Corp (TSX:CCM)(OTCQB:CRCUF)(F...
About this update from Canagold Resources Ltd
[{"type":"text","content":"Canarc Announces Results of its Special General Meeting of Shareholders Approving Upsized Financing Totaling CAD$8.4 MillionVANCOUVER, BC / ACCESSWIRE / October 21, 2020 / Canarc Resource Corp (TSX:CCM)(OTCQB:CRCUF)(Frankfurt:CAN) (\"Canarc\" or the \"Company\") is pleased to announce the voting results from its Special General Meeting held on October 19, 2020 which resulted in shareholder approval of the upsized financing from CAD$3.2 million to CAD$8.4 million. The first tranche closed on October 8, 2020 and Canarc anticipates closing the second tranche shortly.Special General MeetingOn September 3, 2020, Canarc announced an increase in the size of its non-brokered private placement by issuing an additional 65 million units at CAD$0.08 per unit for additional gross proceeds of CAD$5.2 million (the \"Upsize\") which was subject to shareholder approval.At its Special General Meeting held on October 19, 2020: (i) shareholders approved the Upsize ; and (ii) disinterested shareholders also approved the issuance of 5.4 million units at CAD$0.08 per unit for gross proceeds of CAD$432,000 by certain insiders of the Company who will participate in the Upsize, all as further described in the Company's information circular dated September 14, 2020.Voting results for were as follows:ResolutionVotes ForVotes AgainstPrivate placement78,854,410 (96.48%)2,879,300 (3.52%)Insider issuance68,977,455 (95.79%)*3,029,175 (4.21%) Excluding 9,727,080 shares held by insiders.Assignment of Option on the Princeton PropertyCanarc also announces that it has entered into an agreement with Damara Gold Corp. (\"Damara\"), a company listed on the TSX Venture Exchange, to assign (the \"Assignment\") to Damara all of the Company's rights and obligations with respect to a property option agreement among the Company, Universal Copper Ltd. and Sydney Wilson (the \"Option Agreement\"). Pursuant to the Option Agreement, the Company had the option to acquire a 75% interest in certain mineral claims located south of Princeton, British Columbia, known as the Princeton Property.In consideration for the Assignment, Damara will issue Canarc 9.9% of the outstanding common shares of Damara (the \"Damara Shares\") on the closing of the Assignment, take all necessary steps to exercise the option to acquire the Princeton Property, and, subject to Damara continuing to hold its ...