Pacific Arc Announces Closing of Private Placement

VANCOUVER, BC, June 22, 2023 /CNW/ - Pacific Arc Resources Ltd. (NEX: PAV.H) ("Pacific Arc "or the "Company") announces that further to the news release of June 2, 2023, of the non-brokered private placement (the "Private Placement") pursuant to which the Company has issued 363,366 units, each unit comprised of one common share, for gross proceeds of $54,500 at a price of $0.15.

No fees or commissions are payable.  Pursuant to applicable Canadian securities laws, all securities issued and issuable in connection with the closing of the Private Placement are subject to a four (4) month hold period.

John MacPhail, the CEO and a director, Brock Daem, a director (the "Insiders") purchased 96,666 Units as part of the Offering.  The issuance of the Units to the Insiders constitutes a "related party transaction" as this term is defined in Multilateral Instrument 61-101 - Protection of Minority Securityholders in Special Transactions ("MI 61-101"). The Company is relying on the exemption from valuation requirement and minority approval pursuant to subsection 5.5(a) and 5.7(a) of MI 61-101, respectively, as the securities do not represent more than 25% of the Company's market capitalization, as determined in accordance with MI 61-101. The participation by Insiders in the Offering was approved by directors of the Company who are independent in connection with such transaction.

Cautionary Note Regarding Forward Looking Statements

This news release contains certain forward-looking statements, Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or does not expect", "is expected", anticipates" or "does not anticipate" "plans", "estimates" or "intends" or stating that certain actions, events or results " may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be "forward-looking statements". Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to materially differ from those reflected in the forward-looking statements.  The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Pacific Arc Resources Ltd.