Mr. Catalin Chiloflischi reports
Canarc Resource Corp. has closed the second tranche of its private placement equity financing, announced in the company's news release dated Feb. 16, 2016.
The second tranche of the private placement consisted of the issuance of 4,994,444 units priced at nine cents per unit for total gross proceeds of $449,500. Combined with the first and second tranches, the company has raised a total of $2.04-million.
Each unit comprises one common share and one-half of a share purchase warrant. Each warrant entitles the holder to purchase one additional common share at an exercise price of 12 cents for a three-year period. The securities issued in the second tranche of the private placement are subject to a four-month hold period expiring on July 15, 2016.
A 7-per-cent finder's fee of 311,111 units was issued to an arm's-length party for placing a portion of the private placement with the same terms as the units in the private placement.
The net proceeds of the private placement will be used for working capital purposes.
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