Vancouver, British Columbia (FSCwire) - Canarc Resource Corp. (the “Company”) (TSX: CCM, OTC-BB: CRCUF, Frankfurt: CAN) announces that it has received the approval of the Toronto Stock Exchange (the “TSX”) to make a normal course issuer bid (the “Bid”) to acquire up to 10,859,479 common shares (the “Common Shares”) of the Company, or approximately 5% of the 217,189,597 Common Shares issued and outstanding, through the facilities of the TSX.
The Company’s board of directors and management team believe that the Bid is an appropriate use of the Company’s available funds to return capital to shareholders when the market price of the Common Shares does not fully reflect their underlying value. Any Common Shares purchased under the Bid will increase the proportionate equity interest of, and is intended to be advantageous to, all remaining shareholders.
Purchases under the Bid may commence on February 8, 2017 and will terminate on February 7, 2018, or on such earlier date as the Bid is complete. The actual number of Common Shares purchased under the Bid and the timing of any such purchases will be at the Company’s discretion. Purchases of Common Shares will be made through the facilities of the TSX and on alternative Canadian markets, in accordance with the TSX rules. Subject to the TSX’s block purchase exception, on any trading day, purchases under the Bid will not exceed 86,128 Common Shares, such amount representing 25% of the average daily trading volume of the Common Shares of 344,515 for the six calendar months prior to the start of the Bid. The Company will pay the prevailing market price at the time of purchase for all Common Shares purchased under the bid, and all Common Shares purchased by the Company will be cancelled. The Company has not purchased any of its Common Shares in the 12 calendar months prior to the start of the Bid.
