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Canarc Raises C$2 Million; Set to Secure US$8 Million to Develop Its El Compas Mine, Mexico

Published: February 22, 2016 |

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Canarc Resource Corp. has arranged a non-brokered private placement equity financing to raise aggregate gross proceeds of up to CAD$2.0 million, in which certain insiders and existing shareholders intend to participate.

With the completion of the preliminary economic assessment for the El Compas mine project and the signing of the processing plant lease agreement, Canarc is now focused on arranging the estimated US$8 million in pre-production capital financing needed to develop the mine, refurbish the plant, and commence production.  Several groups have expressed interest in providing project financing and discussions are now underway.


About Canarc Resource Corp.
Canarc is a growth-oriented, gold exploration and mining company. The company is currently focused on advancing its high grade, underground El Compas gold-silver mine in Zacatecas, Mexico to production. Canarc also owns the high grade, New Polaris gold mine project in BC, Canada and is seeking a partner to drill its prospective Windfall Hills gold property in BC.

To stop by Canarc’s website, CLICK HERE


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