Amarc Resources Ltd. (“Amarc” or the “Company”) (TSX Venture: AHR; OTCBB: AXREF) announces that further to its news release on February 14, 2012 the Company has reached agreements in principle to increase the private placement financing from $10 million to approximately $16.25 million on the same terms. Approximately 17% of the financing will be comprised of flow-through shares at a price of $0.50 per share and the remainder will be non-flow through units at a price of $0.45. Each non-flow through unit will consist 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, which is expected on or about February 27, 2012. Fees may be payable on a portion of the financing. The financing is subject to TSX Venture Exchange acceptance.
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 February 2, 2012).
Amarc Executive Chairman Robert Dickinson said, 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.…
To view this news release in its entirety please click on the link below or copy and paste it into your web browserhttp://www.amarcresources.com/ahr/NewsReleases.asp?ReportID=507332
For further information, contact Bob Jeffrey, Investor Relations – 778-373-6907, toll free 1-800-667-2114.
Best Regards,Investor Services
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