Canarc Receives TSX Approval for Name Change and Share Consolidation
Canarc Receives TSX Approval for Name Change and Share
Consolidation
Vancouver, Canada – December 7, 2020 –Canarc Resource Corp. (TSX: CCM, OTC-QB:
CRCUF, Frankfurt: CAN) (“Canarc” or th e “Company”) has received approval of the
Toronto Stock Exchange (the “TSX”) for the name change and consolidation of the issued
and outstanding common shares of the Company on the basis of one (1) post-consolidation
common share for every five (5) pre-consolidation common shares (the "Consolidation").
The Company’s name has been changed to Canagold Resources Ltd.
The Company's common shares will begin trading under the new name on the TSX on a
post-consolidated basis at market open on Tuesday, December 8, 2020 , with a new
CUSIP 136842101 and ISIN CA1368421014. The Company will continue to trade under
the symbol "CCM" on the TSX. The Consolidation will reduce the number of outstanding
common shares from 350,456,517 common shares to approximately 70,091,303 post-
consolidation common shares on a non -diluted basis. No fractional shares will be issued
with any fraction of a share rounded up to the nearest whole number if 0.5 or greater and
down to the nearest whole number if less than 0.5 of a share.
The Company's currently outstanding convertible securities, including warrants, finders
fee warrants and stock options along with the respective exercise prices will also be
adjusted to give effect to the Consolidation.
No further action on the part of the shareholders will be required in order for the Company
to implement the Consolidation. Letters of transmittal describing the process by which
registered shareholders may obtain new certificates representing their consolidated
common shares were mailed to registered shareholders on September 22, 2020. Common
Shares held in uncertificated form by non -registered shareholders through brokerage
accounts will be converted at the consolidation ratio through each shareholder's
brokerage account. Non-registered sharehold ers should consult with their broker for
further information.
Canarc is focused on creating shareholder value by advancing its attractive Canadian gold
projects and monetizing its portfolio of gold projects in Nevada though sale or joint
venture.
"Scott Eldridge”
____________________
Scott Eldridge, Chief Executive Officer
CANAGOLD RESOURCES LTD.
CANAGOLD RESOURCES LTD.
810-625 Howe Street
Vancouver, BC V6C 2T6
T: 604.685.9700
F: 604.685 -9744
www. canagoldresources.com
CCM: TSX
CRCUF: OTCQ B
About Canarc - Canarc Resource Corp. is a growth -oriented gold exploration company
focused on generating superior shareholder returns by discovering, exploring and
developing strategic gold deposits in North America. The Company is currently advancing
two core assets, each with substantial gold resources, and has initiated a high impact
exploration strategy to acquire and explore new properties that have district -scale gold
discovery potential. Canarc shares trade on the TSX: CCM and the OTCQB: CRCUF.
For More Information - Please contact:
Scott Eldridge, CEO
Toll Free: 1-877-684-9700 Tel: (604) 685-9700 Cell: (604) 722-5381
Email: [email protected] Website: www.canagoldresources.com
Cautionary Note Regarding Forward-Looking Statements
This news release contains “forward -looking statements” within the meaning of the United States priv ate securities litigation
reform act of 1995 and “forward -looking information” within the meaning of applicable Canadian securities legislation.
Statements contained in this news release that are not historic facts are forward -looking information that involves known and
unknown risks and uncertainties. Forward -looking statements in this news release include, but are not limited to, statements
with respect to the timing for the Company’s shares to trade under the new name and on a post-consolidation basis on the TSX,
future performance of Canarc, and the Company's plans and exploration programs for its mineral properties, including the
timing of such plans and programs. In certain cases, forward -looking statements can be identified by the use of words such as
"plans", "has proven", "expects" or "does not expect", "is expected", "potential", "appears", "budget", "scheduled", "estimates",
"forecasts", "at least", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases
or state that certain actions, events or results "may", "could", "would", "should", "might" or "will be taken", "occur" or "b e
achieved".
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Company to be materially different from any future results, performance or
achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, risks
related to the uncertainties inherent in the estimation of mineral resources; commodity prices; changes in general economic
conditions; market sentiment; currency exchange rates; the Company's ability to continue as a going concern; the Company's
ability to raise funds through equity financings; risks inherent in mineral exploration; risks related to operations in foreign
countries; future prices of metals; failure of equipment or processes to operate as anticipated; accidents, labor disputes an d
other risks of the mining industry; delays in obtaining governmental approvals; government regulation of mining operations;
environmental risks; title disputes or claims; limitations on insurance coverage and the timing and possible outcome of litigation.
Although the Company has attempted to identify important factors that could affect the Company and may cause actual actions,
events or results to differ materially from those described in forward-looking statements, there may be other factors that cause
actions, event s or results not to be as anticipated, estimated or intended. There can be no assurance that forward -looking
statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in s uch
statements. Accordingly, do not place undue reliance on forward-looking statements. All statements are made as of the date of
this news release and the Company is under no obligation to update or alter any forward-looking statements except as required
under applicable securities laws.