ArcPacific Resources Corp. Announces Completion of Shares for Debt Settlement
December 23, 2016 - Vancouver, British Columbia - ArcPacific Resources Corp. (TSX-V: ACP) (the "Company") is pleased to announced that it has completed the shares for debt transaction announced on November 25, 2016 after receiving the approval of the TSX Venture Exchange to settle indebtedness to certain management and consultants of the Company.
Pursuant to the shares for debt transaction, the Company has issued 540,140 common shares (the "Shares") at a deemed price of $0.10 per share to settle outstanding debt in the amount of $54,014. The Shares issued by the Company pursuant to the shares for debt transaction are subject to a four month hold period expiring on April 24, 2017.
About ArcPacific Resources Corp.
ArcPacific Resources Corp. (TSX-V: ACP) is a Canadian based company with a project generator business model. Although the Company’s primary business focus since formation has been the exploration of mineral properties, it is now seeking new business opportunities that offer the potential for near term cash flow to create shareholder value. For further information, please visit www.arcpacific.ca
ON BEHALF OF THE BOARD OF DIRECTORS
/s/ “Ruben Verzosa”
CEO and Director
The forward-looking statements contained in this press release are made as of the date hereof and ArcPacific Resources Corp. undertakes no obligations to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
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 press release.