ArcPacific Resources Corp. Announces Second Closing of Non-Brokered Private Placement
TSX Venture Exchange Symbol: ACP
January 27th, 2020
Vancouver, BC – ArcPacific Resources Corp. (“ACP” or “the Company”) (TSX-V: ACP) is pleased to announce the second, and final, closing of its non-brokered private placement (the “Offering”) of 4,160,000 units of the Company at $0.05 per unit for gross proceeds of $208,000 pursuant to the news releases dated on November 18th 2019 and December 11th 2019. Each unit consists of one common share of the Company (a “Common Share”) and one half of one warrant of the Company with a whole warrant entitling the holder to purchase one Common Share at $0.10 for a period of two years, subject to acceleration in certain events. The units are subject to a four month hold period expiring May 25, 2020. Accordingly, the total number of units sold by the Company at the first and second closings of the Offering is 6,760,000 units for aggregate gross proceeds of $338,000.
The Company will continue to further raise up to $700,000 by way of a non-brokered private placement pursuant to the news release dated on January 17th, 2020. This transaction is subject to TSX Venture final acceptance.
As announced on November 18th 2019, ACP is pursuing the expansion of its resource business through the potential participation in a key new liquefied natural gas (LNG) project development in North America.
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 www.arcpacific.ca
ON BEHALF OF THE BOARD
“R. S. Verzosa”
Ruben S. Verzosa,P.Eng., Director
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