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.
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