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NEWS RELEASE
Canarc Raises $650,000 Private Placement Financing
Vancouver, British Columbia,
Canada, Februaury
04 , 2003
Canarc
Resource Corp. (CCM:TSX and CRCUF:OTC-BB)
announces that it has agreed to a $650,000 non-brokered private
placement financing consisting of 1,250,000 units at $0.52 per
unit.
Each
unit will consist of one common share and one half common share
purchase warrant. Each
full warrant can be exercised to purchase an additional common share
at $0.63 within a two-year period.
A
7.5% finders fee will apply to a portion of the financing. The net proceeds will be
added to working capital and used in part to fund the first phase of
diamond drilling on the Benzdorp property in Suriname.
Canarc
Resource Corp.
is a growth-oriented gold exploration and mining company listed on
the TSX (symbol CCM) and the OTC-BB (symbol CRCUF). The Company is currently
focused on developing the high grade New Polaris gold deposit in
British Columbia and exploring the potentially large Benzdorp gold
discovery in Suriname.
Major shareholders include Barrick Gold and Echo Bay
Mines.
ON BEHALF OF THE BOARD OF
DIRECTORS
CANARC RESOURCE
CORP.
Bradford J.
Cooke
President and CEO
NOTE: If you have an E-Mail address and would prefer to receive Canarc's
News through this format, please E-Mail us at info@canarc.net.
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