VANCOUVER, March 7, 2012 /PRNewswire/ - Amarc Resources Ltd.
("Amarc" or the "Company") (TSX Venture: AHR) (OTCBB: AXREF) has
completed the $16.34 million private
placement financing announced on February
15, 2012. Approximately 17% of the financing is comprised of
flow-through shares at a price of $0.50 per share and the remainder is non-flow
through units at a price of $0.45.
Each non-flow through unit consists of one common share and one
half warrant, with each whole warrant exercisable to purchase one
additional common share at a price of $0.60 for 18 months from the closing of the
financing. Approximately 35.7 million common shares have been
issued. A cash fee of up to 6% is payable with respect to a portion
of the financing.
Proceeds from the financing will be used to
continue to advance exploration of Amarc's properties, including
on-going delineation drilling at the Newton gold discovery in
south-central British Columbia,
and for general corporate and working capital purposes.
Delineation drill results from Newton continue
to confirm an extensive and robust gold system over an area that
currently measures 900 metres by 600 metres and is open to
expansion in several directions. The age and geological
characteristics of the gold mineralization at Newton demonstrate
striking similarities to the mineralization at New Gold's seven
million ounce-plus bulk tonnage deposit at Blackwater located to
the north (New Gold news release March 7,
2012).
Amarc Executive Chairman Robert Dickinson said, "Amarc is well-funded
to advance delineation drilling at its Newton gold discovery. We
are increasingly confident that ongoing drilling at Newton will
confirm this deposit as the next major gold discovery in BC's
emerging Blackwater-Newton gold belt."
About Amarc Resources Ltd.
Amarc is a Vancouver-based mineral exploration and
development company focused on making the next major gold discovery
in BC. Its exploration activities are focused on the Newton gold
discovery through a Joint Venture with Newton Gold Corp. (Amarc
80%: Newton Gold Corp. 20%) and its 100% owned Galileo and Hubble
properties.
Amarc is associated with Hunter Dickinson Inc.
(HDI) - a diversified, global mining group with a 25-year history
of mineral development success. Previous HDI projects in BC include
Golden Bear, Mount Milligan, Kemess,
Gibraltar, Prosperity and
Harmony. From its head office in Vancouver, Canada, HDI applies its unique
strengths and capabilities to acquire, develop, operate and
monetize mineral properties to provide consistently superior
returns to shareholders.
Mark Rebagliati,
P.Eng., a Qualified Person as defined under National Instrument
43-101, is supervising the exploration and quality assurance and
quality control programs on behalf of Amarc and has reviewed the
technical content of this release.
ON BEHALF OF THE BOARD
Ronald W.
Thiessen
President & CEO
Neither the TSX Venture Exchange nor any other
regulatory authority accepts responsibility for the adequacy or
accuracy of this release.
Forward Looking and other Cautionary
Information
This release includes certain statements that
may be deemed "forward-looking statements". All statements in this
release, other than statements of historical facts that address
exploration drilling, exploitation activities and other related
events or developments are forward-looking statements. Although the
Company believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are
not guarantees of future performance and actual results or
developments may differ materially from those in the forward
looking statements. Factors that could cause actual results
to differ materially from those in forward-looking statements
include market prices, potential environmental issues or
liabilities associated with exploration, development and mining
activities, exploration and exploitation successes, continuity of
mineralization, uncertainties related to the ability to obtain
necessary permits, licenses and title and delays due to third party
opposition, changes in and the effect government policies regarding
mining and natural resource exploration and exploitation,
continued availability of capital and financing, and general
economic, market or business conditions. Investors are cautioned
that any such statements are not guarantees of future performance
and actual results or developments may differ materially from those
projected in the forward-looking statements. For more information
on Amarc Resources Ltd., investors should review the Company's
annual Form 20-F filing with the United States Securities and
Exchange Commission at www.sec.gov and its home jurisdiction
filings that are available at www.sedar.com.
SOURCE Amarc Resources Ltd.