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Canarc Seeks Alternate Sources of Financing for Development of New Polaris Project; Shares Down 19%

Canarc Resource Corp. (CCM.TO) announced that it intends to seek alternative sources of financing for the development of its New Polaris Gold Mine Project in B.C. and the acquisition of other gold mines.

Canarc had previously granted Canford Capital Ltd. certain exclusivity periods with regard to such financings but Canford has not yet been able to commit to or arrange financing for its proposed option and joint venture to develop New Polaris, nor for its Strategic Mine Acquisitions Partnership with Canarc to acquire and expand operating gold mines in North America.

Canford has expressed interest to continue work on arranging such financings for these assets and Canarc has invited Canford to do so on a non-exclusive basis.

Canarc said it has received expressions of interest from third parties regarding the financing of development of New Polaris, and separately the acquisition of other gold mines. Canarc management intends to pursue these expressions of interest in order to consummate appropriate financing for its projects and said an attractive gold mine acquisition opportunity has been identified.

CCM shares fell 3.5 cents to $0.15.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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