(via TheNewswire)
May 1, 2019, Vancouver, BC - PACIFIC ARC RESOURCES LTD. (the "Company" or "Pacific Arc") (TSXV-NEX: "PAV.H") announces that it has agreed to settle outstanding indebtedness with arm's length parties in the sum of $194,122 by the issuance of 1,213,264 common shares of the Company at a conversion price, as per regulatory guidelines, of $0.16 per share. The parties involved are service providers and consultants that provided various services to the Company including its directors.
All securities issuable in connection with the transaction will be subject to a four-month hold period from the date of issue. Securities issued for Adam International Investments Inc., who purchased trade payables of $121,299, will be escrowed with a one-year hold period with 20% released every three months with the first release on closing.
The completion of this transaction is subject to the approval of the TSX Venture Exchange.
ON BEHALF OF THE BOARD OF DIRECTORS
PACIFIC ARC RESOURCES LTD.
s/ "John MacPhail"
John MacPhail, President, CEO and Director
For further information, please contact:
John MacPhail, President, CEO & Director
Phone: (778) 688-7411
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution Concerning Forward-Looking Information
This news release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws, including statements regarding the future strategy of the Company and the possible approvals of matters by shareholders of the Company. This information and statements address future activities, events, plans, developments and projections. All statements, other than statements of historical fact, constitute forward-looking statements or forward-looking information. Such forward-looking information and statements are frequently identified by words such as "may", "will", "should", "anticipate", "plan", "expect", "believe", "estimate", "intend" and similar terminology, and reflect assumptions, estimates, opinions and analysis made by management in light of its experience, current conditions, expectations of future developments and other factors which it believes to be reasonable and relevant. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, the risks associated with the Company's business which are more fully described in the Company's annual and quarterly Management's Discussion and Analysis and in other filings made by the Company with Canadian securities regulatory authorities and available at www.sedar.com.
2019 number 1
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