(TheNewswire)
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.
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.
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain forward-looking statements, Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or does not expect", "is expected", anticipates" or "does not anticipate" "plans", "estimates" or "intends" or stating that certain actions, events or results " may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be "forward-looking statements". Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to materially differ from those reflected in the forward-looking statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.
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