VANCOUVER, BC, Jan. 19, 2022 /CNW/ - Pacific Arc Resources Ltd.
(NEX: PAV.H) ("Pacific Arc "or the "Company") announces that
further to the Company's press release on December 8, 2021, the Company has received
exchange approval and finalized the settlement of $210,000 of debt with the directors of the
Company, which has been satisfied by the issuance of 1,050,000
common shares of the Company at an issue price of $0.20 per share.
Directors and officers of the Company were the parties settling
the debt with the Company. The participation of an insider in the
debt settlement constitutes a "related party transaction", as such
terms are defined by Multilateral Instrument 61-101
- Protection of Minority Security Holders in Special
Transactions ("MI 61-101"). The Company is relying on an
exemption from the formal valuation requirements of MI 61-101
available on the basis of the securities of the Company not being
listed on specified markets. The Company is also relying on the
exemption from minority shareholder approval requirements under MI
61-101 as the fair market value of the participation in the debt
settlement by the Insiders does not exceed 25% of the market
capitalization of the Company.
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.