VANCOUVER, BC, March 15,
2023 /CNW/ - PACIFIC ARC RESOURCES LTD. (NEX:
PAV.H) ("Pacific Arc" or the "Company") announces that,
further to Pacific Arc's press releases of March 23, 2022, the Company and RocketFrac
Cleantech have mutually agreed to terminate the proposed reverse
takeover in accordance with the terms of the LOI dated March 16, 2022. The Company is currently
evaluating alternative opportunities.
On behalf of the board of Directors for Pacific Arc Resources
Ltd.
John MacPhail, President, CEO
and Director
Notice on Forward-Looking
Information
This press release contains forward-looking statements and
forward-looking information (collectively, "forward-looking
statements") within the meaning of applicable securities laws. Any
statements that are contained in this press release that are not
statements of historical fact may be deemed to be forward-looking
statements. Forward-looking statements are often identified by
terms such as "may", "should", "anticipate", "will", "estimates",
"believes", "intends" "expects" and similar expressions which are
intended to identify forward-looking statements. More particularly
and without limitation, this press release contains forward looking
statements concerning the Proposed Transaction, the proposed
structure by which the Proposed Transaction is to be completed, the
ability of the Company and RocketFrac Cleantech to meet the
conditions of the Proposed Transaction in the required timeframes,
obtaining the necessary shareholder, board, exchange or regulatory
approvals, including certain financial information and forecasts.
The Company cautions that all forward-looking statements are
inherently uncertain, and that actual performance may be affected
by a number of material factors, assumptions and expectations, many
of which are beyond the control of the Company and RocketFrac
Cleantech, including expectations and assumptions concerning the
Company, RocketFrac Cleantech, the Proposed Transaction, the
negotiation of the Definitive Agreement on satisfactory terms, the
timely receipt of all required shareholder, court and regulatory
approvals (as applicable), including the acceptance of the TSXV,
and the satisfaction of other closing conditions in accordance with
the terms of the Definitive Agreement. The reader is cautioned that
assumptions used in the preparation of any forward-looking
statements may prove to be incorrect. Events or circumstances may
cause actual results to differ materially from those predicted as a
result of numerous known and unknown risks, uncertainties and other
factors, many of which are beyond the control of the Company. The
reader is cautioned not to place undue reliance on any
forward-looking statements. Such information, although considered
reasonable by management at the time of preparation, may prove to
be incorrect and actual results may differ materially from those
anticipated. Forward-looking statements contained in this press
release are expressly qualified by this cautionary statement. The
forward-looking statements contained in this press release are made
as of the date of this press release, and the Company does not
undertake any obligation to update publicly or to revise any of the
included forward-looking statements, whether as a result of new
information, future events or otherwise, except as expressly
required by securities law.
Neither 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.