TSXV:PAV.H - Post Discussion
Post by
ErinBrockovich on Jul 15, 2021 12:50pm
This is reason for share price slip?
This is now tied up in a legal mess. Sorry, guys. It happens. I'm very happy I did not buy this.
June 4, 2021 – TheNewswire - Vancouver, BC - PACIFIC ARC RESOURCES LTD. (NEX:PAV.H) (TSXV:PAV.H) ("Pacific Arc" or the "Company") announces that, further to Pacific Arc's press releases of February 5, 2021 and April 6, 2020, it received a notice of termination from Faina Goldfields Inc., formerly 1232123 B.C. Ltd ("Faina") on June 1, 2021 terminating the proposed reverse takeover transaction (the "Transaction") between Pacific Arc and Faina as agreed to in the letter of intent, as amended, between Pacific Arc and Faina (the "LOI") .
Pacific Arc believes that Faina's termination of the Transaction constitutes a breach of the LOI by Faina. Pacific Arc is evaluating available legal remedies with respect to Faina's non-compliance with the LOI.
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