Under the proposed terms of one agreement, Amarc will issue 15,384,615 Flow-Through ('FT') Shares at a price of
Prior to these transactions, Sutton holds 15,423,101 Shares or 8.3% of issued Amarc Shares. As a result of the transactions, Sutton will acquire an aggregate of 25,000,000 additional Amarc Shares plus 4,807,693 warrants, and its aggregate 40,423,101 Shares will represent 19.1% of Amarc's then issued 211,702,894 Shares. If Sutton exercises its 4,807,693 Warrants when Amarc's 13,176,470 other dilutive securities have not been exercised, Sutton's maximum Share ownership of 45,230,794 would, but for the blocker, constitute 20.9% of Amarc's 216,510,588 fully diluted issued and outstanding Shares but as noted above, Sutton will be restricted to 19.99% at any one time. Sutton will file an early warning report on sedarplus.ca concurrently with completion of the transactions.
The FT Shares and Units will be offered exempt from prospectus and registration requirements on a private placement basis. The FT Shares and Units will not be offered in, nor registered, in
The Company intends to use the net proceeds of the FT Shares exclusively for exploration of Amarc's portfolio of
The Offerings are expected to close on or about
About
Amarc is a mineral exploration and development company with an experienced and successful management team focused on developing a new generation of long-life, high-value porphyry Cu-Au mines in BC. By combining high-demand projects with dynamic management, Amarc has created a solid platform to create value from its exploration and development-stage assets.
Amarc is advancing its 100%-owned IKE, DUKE and JOY porphyry Cu+/-Au Districts located in different prolific porphyry regions of southern, central and northern BC, respectively.
Amarc is associated with HDI, a diversified, global mining company with a 35-year history of porphyry Cu deposit discovery and development success. Previous and current HDI projects include some of BC's and the world's most important porphyry deposits - such as Pebble,
Amarc works closely with local governments, Indigenous groups and stakeholders in order to advance its mineral projects responsibly, and in a manner that contributes to sustainable community and economic development. We pursue early and meaningful engagement to ensure our mineral exploration and development activities are well coordinated and broadly supported, address local priorities and concerns, and optimize opportunities for collaboration. In particular, we seek to establish mutually beneficial partnerships with Indigenous groups within whose traditional territories our projects are located, through the provision of jobs, training programs, contract opportunities, capacity funding agreements and sponsorship of community events. All Amarc work programs are carefully planned to achieve high levels of environmental and social performance.
Contact:
Tel: (604) 684-6365
Forward Looking and other Cautionary Information
This news release includes certain statements that may be deemed 'forward-looking statements'. All such statements, other than statements of historical facts that address planned financings or exploration plans are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Assumptions used by the Company to develop forward-looking statements in respect to the above include that binding agreements in respect of the sale of the FT Shares have not been finalized at this time and so completion remains subject to some uncertainty at this time. Mining finance and exploration is inherently uncertain. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on
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