Pacific Arc Announces Planned Debt-to-Equity Conversion
Tickers: XTSX:PAV.H, XTSE:PAV.H
Tags: #Mining
May 30, 2019 / TheNewswire / Vancouver, BC – PACIFIC ARC RESOURCES LTD. (the “Company” or “Pacific Arc”) (TSXV-NEX: “PAV.H”) announces that it has agreed to settle outstanding indebtedness with arm’s length parties in the sum of $30,000 by the issuance of 176,469 common shares of the Company at a conversion price, as per regulatory guidelines, of $0.17 per share. The parties involved are directors of the Company.
All securities issuable in connection with the transaction will be subject to a four-month hold period from the date of issue.
The completion of this transaction is subject to the approval of the TSX Venture Exchange.
On May 30, 2019, the Company granted 1,600,000 stock options to directors, consultants and/or officers with an exercise price of $0.23 per share and expiry date of May 30, 2024. The option grant issuance is made under the stock option plan of the Company that was approved by shareholders on December 18, 2018.
ON BEHALF OF THE BOARD OF DIRECTORS
PACIFIC ARC RESOURCES LTD.
s/ “John MacPhail”
John MacPhail, President, CEO and Director
For further information, please contact:
John MacPhail, President, CEO & Director
Phone: (778) 688-7411
Neither 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.
Caution Concerning Forward-Looking Information
This news release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws, including statements regarding the future strategy of the Company and the possible approvals of matters by shareholders of the Company. This information and statements address future activities, events, plans, developments and projections. All statements, other than statements of historical fact, constitute forward-looking statements or forward-looking information. Such forward-looking information and statements are frequently identified by words such as “may”, “will”, “should”, “anticipate”, “plan”, “expect”, “believe”, “estimate”, “intend” and similar terminology, and reflect assumptions, estimates, opinions and analysis made by management in light of its experience, current conditions, expectations of future developments and other factors which it believes to be reasonable and relevant. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, the risks associated with the Company’s business which are more fully described in the Company’s annual and quarterly Management’s Discussion and Analysis and in other filings made by the Company with Canadian securities regulatory authorities and available at www.sedar.com.
2019 number 2
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