VANCOUVER, BC, June 22,
2023 /CNW/ - Pacific Arc Resources Ltd. (NEX: PAV.H)
("Pacific Arc "or the "Company") announces that
further to the news release of June 2,
2023, of the non-brokered private placement (the "Private
Placement") pursuant to which the Company has issued 363,366
units, each unit comprised of one common share, for gross proceeds
of $54,500 at a price of $0.15.
No fees or commissions are payable. Pursuant to applicable
Canadian securities laws, all securities issued and issuable in
connection with the closing of the Private Placement are
subject to a four (4) month hold period.
John MacPhail, the CEO and a
director, Brock Daem, a director
(the "Insiders") purchased 96,666 Units as part of the
Offering. The issuance of the Units to the Insiders
constitutes a "related party transaction" as this term is defined
in Multilateral Instrument 61-101 - Protection of Minority
Securityholders in Special Transactions ("MI 61-101"). The Company
is relying on the exemption from valuation requirement and minority
approval pursuant to subsection 5.5(a) and 5.7(a) of MI 61-101,
respectively, as the securities do not represent more than 25% of
the Company's market capitalization, as determined in accordance
with MI 61-101. The participation by Insiders in the Offering was
approved by directors of the Company who are independent in
connection with such transaction.
Cautionary Note Regarding Forward Looking Statements
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", "could", "would", "might" or "will" be taken, occur
or be achieved) are not statements of historical fact and may be
"forward-looking statements". Forward-looking statements are
subject to a variety of risks and uncertainties which could cause
actual events or results to materially differ from those reflected
in the forward-looking statements. The Company undertakes no
obligation to update forward-looking statements if circumstances or
management's estimates or opinions should change except as required
by applicable securities laws. The reader is cautioned not to place
undue reliance on forward-looking statements.
Neither the 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.
SOURCE Pacific Arc Resources Ltd.