Business
Pacific Arc Announces Non-Brokered Private Placement and Planned Debt-to-Equity Conversion
(via TheNewswire) Vancouver, BC - TheNewswire - January 14, 2020 - PACIFIC ARC RES...
About this update from Pacific Arc Resources Ltd.
[{"type":"text","content":"Pacific Arc Announces Non-Brokered Private Placement and Planned Debt-to-Equity Conversion(via TheNewswire)\n \n \nVancouver, BC - TheNewswire - January 14, 2020 - PACIFIC ARC RESOURCES LTD. (the \"Company\" or \"Pacific Arc\") (TSXV-NEX:PAV.H) announces a non-brokered private placement of up to 1,000,000 common shares at a price, as per regulatory guidelines, of $0.17 per share for gross proceeds of up to $170,000.\n\n\n \nThe shares issued under the private placement will be subject to a four-month hold period from the date of closing.\n\n\n \nNet 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.\n\n\n \nAn insider of the Company may acquire shares under the private placement. Any such participation would be considered to be a \"related party transaction\" as defined under Multilateral Instrument 61-101 (\"MI 61-101\"). The transaction will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any shares issued to or the consideration paid by such person will exceed 25% of the Company's market capitalization.\n\n\n \nIn addition, the Company announces that it has agreed to settle outstanding indebtedness with arm's length parties in the sum of $40,000 by the issuance of 235,292 common shares of the Company at a conversion price, as per regulatory guidelines, of $0.17 per share. The parties involved are directors of the Company.\n\n\n \nAll securities issuable in connection with the transaction will be subject to a four-month hold period from the date of issue. \n\n\n \nThe completion of this transaction is subject to the approval of the TSX Venture Exchange.\n\n \n \nON BEHALF OF THE BOARD OF DIRECTORS\n\n\n \nPACIFIC ARC RESOURCES LTD.\n\n \n \ns/ \"John MacPhail\"\n\n\n \nJohn MacPhail, President, CEO and Director\n\n \n \nFor further information, please contact:\n\n \n \nJohn MacPhail, President, CEO & Director\nPhone: (778) 688-7411\n\n\n \nNeither 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.\n\n\n \...