Amarc Resources Announces Amendment to Loan Agreement
VANCOUVER, BC /ACCESSWIRE/May 26, 2022/ Amarc Resources Ltd. (“Amarc” or the “Company”) (TSX-V: AHR); (OTCQB:AXREF) announces that it has entered into a second loan modification agreement dated May 25, 2022, pursuant to which it has agreed to an increase of $100,000 of an existing loan of $1 million with the lender (the “loan”) who is a director and significant shareholder of the Company (the “Lender”). The loan is unsecured, will bear interest at 10% per annum and is repayable no later than November 26, 2024, upon the occurrence of default or the achievement of financing milestones. In connection with the loan, Amarc will issue to the lender a loan premium in the form of 1,176,470 warrants (the “Bonus Warrants”), each entitling the holder to acquire one common share of Amarc for five years at a price of $0.085 per share. . Bonus Warrants will be subject to a hold period of four months from their date of issue. Loan warrants and bonuses are subject to acceptance by the TSX Venture Exchange.
The proceeds will be used to pay the initial option requirement of $100,000 for a group option of five mineral claims in British Columbia from an arm’s length option writer. Total additional option payments are an additional $900,000 to $100,000 per year.
About Amarc Resources Ltd.
Amarc is a mining exploration and development company with an experienced and successful management team focused on developing a next generation of high-value, long-lived porphyry copper-gold mines in Colombia. -British. By combining high-demand projects with dynamic management, Amarc has created a solid platform to create value from its exploration and development-stage assets.
Amarc is advancing its 100% owned IKE, DUKE and JOY porphyry copper ± gold districts located in different prolific porphyry regions of southern, central and northern British Columbia, respectively. Each district represents significant potential for the development of multiple and significant copper ± gold porphyry deposits. It is important to note that each of the three districts is located close to industrial infrastructure – including electricity, highways and railways.
For more details about Amarc Resources Ltd., please visit the company’s website at www.amarcresources.com or contact Dr. Diane Nicolson, President and Chief Executive Officer, at (604) 684-6365 or North America at 1-800-667-2114.
ON BEHALF OF THE BOARD OF DIRECTORS OF AMARC RESOURCES LTD.
Dr. Diane Nicolson
President and CEO
Neither the TSX Venture Exchange nor any other regulatory authority accepts responsibility for the adequacy or accuracy of this release.