|March 07, 2012|
Amarc Closes $16.34 Million Financing
|March 7, 2012 - Vancouver, BC - Amarc Resources Ltd. ("Amarc" or the "Company") (TSX Venture: AHR; OTCBB: AXREF) has completed the $16.34 million private placement financing announced on February 15, 2012. Approximately 17% of the financing is comprised of flow-through shares at a price of $0.50 per share and the remainder is non-flow through units at a price of $0.45. Each non-flow through unit consists of one common share and one half warrant, with each whole warrant exercisable to purchase one additional common share at a price of $0.60 for 18 months from the closing of the financing. Approximately 35.7 million common shares have been issued. A cash fee of up to 6% is payable with respect to a portion of the financing. |
Proceeds from the financing will be used to continue to advance exploration of Amarc's properties, including on-going delineation drilling at the Newton gold discovery in south-central British Columbia, and for general corporate and working capital purposes.
Delineation drill results from Newton continue to confirm an extensive and robust gold system over an area that currently measures 900 metres by 600 metres and is open to expansion in several directions. The age and geological characteristics of the gold mineralization at Newton demonstrate striking similarities to the mineralization at New Gold's seven million ounce-plus bulk tonnage deposit at Blackwater located to the north (New Gold news release March 7, 2012).
Amarc Executive Chairman Robert Dickinson said, "Amarc is well-funded to advance delineation drilling at its Newton gold discovery. We are increasingly confident that ongoing drilling at Newton will confirm this deposit as the next major gold discovery in BC's emerging Blackwater-Newton gold belt."
About Amarc Resources Ltd.
Amarc is a Vancouver-based mineral exploration and development company focused on making the next major gold discovery in BC. Its exploration activities are focused on the Newton gold discovery through a Joint Venture with Newton Gold Corp. (Amarc 80%: Newton Gold Corp. 20%) and its 100% owned Galileo and Hubble properties.
Amarc is associated with Hunter Dickinson Inc. (HDI) -- a diversified, global mining group with a 25-year history of mineral development success. Previous HDI projects in BC include Golden Bear, Mount Milligan, Kemess, Gibraltar, Prosperity and Harmony. From its head office in Vancouver, Canada, HDI applies its unique strengths and capabilities to acquire, develop, operate and monetize mineral properties to provide consistently superior returns to shareholders.
Mark Rebagliati, P.Eng., a Qualified Person as defined under National Instrument 43-101, is supervising the exploration and quality assurance and quality control programs on behalf of Amarc and has reviewed the technical content of this release.
For further details on Amarc Resources Ltd., please visit the Company's website at www.amarcresources.com or contact Investor Services at (604) 684-6365 or within North America at 1-800-667-2114.
ON BEHALF OF THE BOARD
Ronald W. Thiessen
President & CEO
You can view the Next News Releases item: Wed Apr 11, 2012, Amarc's Ongoing Delineation Drilling Continues To Expand Newton Gold Discovery
You can view the Previous News Releases item: Wed Feb 15, 2012, Amarc Financing Increased To $16.25 Million
You can return to the main News Releases page, or press the Back button on your browser.