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Arranges CA$62,000 Loan Financing With Directors and Officers
posted on
May 11, 2009 03:00PM
May 11, 2009
Canarc Arranges CA$62,000 Loan Financing With Directors and Officers
VANCOUVER, BRITSH COLUMBIA--(Marketwire - May 11, 2009) - Canarc Resource Corp. (TSX:CCM)(OTCBB:CRCUF)(DBFrankfurt:CAN) announces that it has arranged a CA$62,000 loan financing with certain officers and directors.
The financing is in the form of a demand loan, earning 9% annual interest payable quarterly, and secured by approximately 250,000 common shares of Caza Gold Corp. valued at CA$0.25 per share.
The proceeds will be added to working capital in order to facilitate the ongoing evaluations of merger and acquisition opportunities.
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 advancing its New Polaris gold mine project in north-western British Columbia to the feasibility stage and acquiring attractive gold exploration and mining projects in North America. Barrick Gold Corp. is a shareholder.
