Update on the Financing and Shares for Debt Settlement
TSX Venture Exchange Symbol: ACP
December 11, 2019
Vancouver, BC – ArcPacific Resources Corp. (“ACP” or “the Company”) (TSX-V: ACP) wishes to announce the continuation of the financing for its proposed LNG business pursuant to the news release dated November 18th, 2019. The terms of the financing remain the same and closing of the offering is subject to TSX Venture Exchange final acceptance.
Furthermore, ACP has agreed to cancel the previously announced shares for debt transaction and in its place issue, subject to the acceptance for filing by the TSX Venture Exchange, a total of 5,376,000 shares at the price of $0.05 per share in satisfaction of debts owing to various creditors in the aggregate amount of $268,800. This includes 376,000 shares in settlement of $18,800 owed to a Company insider, Ruben Verzosa.
All securities issued will be subject to a four month hold period.
There are no other material facts or material changes regarding the Company that has not been generally disclosed.
ArcPacific Resources Corp. (TSX-V: ACP) is a Canadian based company with a project generator business model. Although the Company’s primary business focus since formation has been the exploration of mineral properties, it is now seeking new business opportunities that offer the potential for near term cash flow to create shareholder value. For further information, please visit http://www.arcpacific.ca.
ON BEHALF OF THE BOARD
“R. S. Verzosa”
Ruben S. Verzosa,P.Eng., Director
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