Amarc Resources, Ltd. (AXREF.OB) Increases Private Placement Financing to $5.5 Million

By IBTimes Staff Reporter | January 19 2010 3:45 AM

Amarc Resources, Ltd., a Vancouver-based mineral exploration and development company whose objective is to discover and develop the next major deposit in British Columbia, recently announced an increase in its private placement financing to $5.5 million, up from the original amount of $5 million announced late last year. An overallotment of 10% has been taken up on the private placement financing, which includes an additional 1 million common shares at a price of $0.50 per share.

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Approximately 50 percent of the original amount will be flow-through, which will be used in part to fund Canadian exploration expenses. None of the additional $500,000 raised will be flow-through. Company insiders will participate in this transaction that is subject to TSX Venture Exchange acceptance.

Operating as an exploration and development company, Amarc Resources has made an important new gold discovery in south-central British Columbia. Amarc is affiliated with the Hunter Dickinson group, a private company associated with a series of successful mineral exploration and development projects in British Columbia.