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Pacific Arc Resources Ltd. announces that it has received exchange approval and finalized the settlement of $210,000 of debt with the directors of the Company
Pacific Arc Resources Ltd. announces that it has received exchange approval and finalized...
About this update from Pacific Arc Resources Ltd.
[{"type":"text","content":"\n \n \n \n Pacific Arc Resources Ltd. announces that it has received exchange approval and finalized the settlement of $210,000 of debt with the directors of the Company\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n VANCOUVER, BC\n \n ,\n \n Jan. 19, 2022\n \n /CNW/ - Pacific Arc Resources Ltd. (NEX: PAV.H) (\"Pacific Arc \"or the \"Company\") announces that further to the Company's press release on\n \n December 8, 2021\n \n , the Company has received exchange approval and finalized the settlement of\n \n $210,000\n \n of debt with the directors of the Company, which has been satisfied by the issuance of 1,050,000 common shares of the Company at an issue price of\n \n $0.20\n \n per share.\n \n \n Directors and officers of the Company were the parties settling the debt with the Company. The participation of an insider in the debt settlement constitutes a \"related party transaction\", as such terms are defined by Multilateral Instrument 61-101 -\n \n Protection of Minority Security Holders in Special Transactions\n \n (\"MI 61-101\"). The Company is relying on an exemption from the formal valuation requirements of MI 61-101 available on the basis of the securities of the Company not being listed on specified markets. The Company is also relying on the exemption from minority shareholder approval requirements under MI 61-101 as the fair market value of the participation in the debt settlement by the Insiders does not exceed 25% of the market capitalization of the Company.\n \n \n Cautionary Note Regarding Forward Looking Statements\n \n \n This news release contains certain forward-looking statements, Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as \"expects\" or does not expect\", \"is expected\", anticipates\" or \"does not anticipate\" \"plans\", \"estimates\" or \"intends\" or stating that certain actions, events or results \" may\", \"c...