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Canarc Closes CA$1.275 Million
Private Placement
Financing
Vancouver, Canada � December 13,
2010 �
Canarc Resource Corp. (TSX: CCM, OTC-BB: CRCUF,
DB-F: CAN)
announces that it has closed a CA$1,275,000 non-brokered private placement
financing.
The private placement consisted of
8,500,000 units priced at CA$0.15 each. Each unit consists of one
common share and one-half share purchase warrant. Each full warrant
can be exercised to purchase an additional common share at CA$0.22 within
an 18 month period.
The units will be subject to the
standard four month hold period (and a US legend for American subscribers
only). Canarc will use the net proceeds to
pay down current liabilities, evaluate prospective gold mine property
acquisitions, and for working capital purposes.
Canarc Resource Corp. is a
growth-oriented, gold exploration company listed on the TSX (CCM) and the
OTC-BB (CRCUF). Canarc is currently focused
on exploring its recently acquired Tay LP gold
property in south-central Yukon and seeking a partner to advance its 1.1
million oz, high grade, underground, New Polaris gold mine project in
north-western British Columbia to the feasibility stage.
CANARC RESOURCE CORP.
Per:
/s/ Garry Biles
Garry Biles,
P.Eng.
President and COO
For more information, please contact
Gregg Wilson at Toll Free: 1-877-684-9700, tel:
(604) 685-9700, fax: (604) 685-9744, email: info@canarc.net or visit our website, www.canarc.net.
Cautionary Note Regarding Forward-Looking
Statements
This news release contains
�forward-looking statements� within the meaning of the United States
private securities litigation reform act of 1995 and �forward-looking
information� within the meaning of applicable Canadian securities
legislation. Such forward-looking statements and information herein
include, but are not limited to, statements regarding Canarc�s
anticipated performance in 2010, including gold production, timing and
expenditures to develop new gold mines and mineralized zones, gold grades
and recoveries, cash costs per ounce, capital expenditures and sustaining
capital and the use of proceeds from the Company�s recent and proposed financings.
The Company does not intend to, and does not assume any obligation to
update such forward-looking statements or information, other than as
required by applicable law. Forward-looking statements or information
involve known and unknown risks, uncertainties and other factors that may
cause the actual results, level of activity, performance or achievements of
Canarc and its operations to be materially
different from those expressed or implied by such statements. Such factors
include, among others: fluctuations in the price of gold, fluctuations in
the currency markets (particularly the Canadian dollar and U.S. dollar);
changes in national and local governments, legislation, taxation, controls,
regulations and political or economic developments in Canada and the USA;
operating or technical difficulties in mineral exploration, development and
mining activities; risks and hazards of mineral exploration, development
and mining (including environmental hazards, industrial accidents, unusual
or unexpected geological conditions, pressures, cave-ins and flooding);
inadequate insurance, or inability to obtain insurance; availability of and
costs associated with mining inputs and labour;
the speculative nature of mineral exploration and development, diminishing
quantities or grades of mineral reserves as properties are mined; the
ability to successfully integrate acquisitions; risks in obtaining
necessary licenses and permits, and challenges to the company�s title to
properties; as well as those factors described in the section �risk
factors� contained in the Company�s most recent form 20F/Annual Information
Form filed with the S.E.C. and Canadian securities regulatory authorities.
Although the Company has attempted to identify important factors that could
cause actual results to differ materially from those contained in
forward-looking statements or information, there may be other factors that
cause results to be materially different from those anticipated, described,
estimated, assessed or intended. There can be no assurance that any
forward-looking statements or information will prove to be accurate as
actual results and future events could differ materially from those
anticipated in such statements or information. Accordingly, readers should
not place undue reliance on forward-looking statements or information.
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