· | Dropped the offer to purchase the Relief Canyon gold mine for due diligence reasons and sold the Relief Canyon assay laboratory near Lovelock, Nevada for US$600,000 plus expenses, which allowed Canarc to recover all of its sunk costs for the mine and lab acquisition. |
· | Completed an updated NI 43-101 Preliminary Economic Assessment Report for the New Polaris gold mine project in northwestern British Columbia, which significantly enhanced the robust project economics for Canarc to build and operate a 72,000 oz per year gold mine at New Polaris. |
· | Received several expressions of interest from mining companies interested in an option and joint venture to advance New Polaris through mine development and a feasibility study, and agreed on a non-binding letter of intent with one party, but they were unable to close the agreement. |
· | Amended the Tay LP property option agreement with Ross River Minerals Inc. to extend the option commitments by one year. |
· | Identified several new exploration targets on the Tay LP property in the light of the positive results from the 470 kilometer airborne geophysical survey that Cap-Ex completed in 2010. |
· | Acquired the Windfall Hills project (3,780 hectares) located in central British Columbia about 90 km northwest of New Gold’s 7.8 million oz Blackwater gold deposit. |
· | Staked three additional gold properties called Devils Thumb, Devils Thumb East and Windfall Hills East (15,175 hectares) north and east of the Windfall Hills project. |
· | Defined initial drill targets on the Windfall Hills project by completing a Phase 1 exploration program including detailed soil and rock geochemical sampling over the main target area |
· | Evaluated several attractive merger and acquisition opportunities in order to take the Company to another level of growth in an accretive manner |
· | Canarc recently received several new expressions of interest from mining companies interested in an option and joint venture to advance New Polaris through mine development and a feasibility study, so management will continue to focus on trying to close an agreement with a new partner. |
· | Since the Company is seeking a significant initial payment or investment from any new partner on New Polaris, the Board of Directors has provided temporary debt financing to Canarc in order to avoid issuing new equity at this time |
· | Canarc also plans to drill several attractive gold targets at the Windfall Hills and Tay LP gold properties, subject to securing either option and joint venture partners or appropriate financing |
· | The Company will continue to evaluate merger and acquisition opportunities to grow its gold exploration and mining portfolio in North America. |
Bradford J. Cooke | March 26, 2012 |
Chairman and C.E.O. |
CANARC RESOURCE CORP. Consolidated Statements of Financial Position (expressed in thousands of United States dollars) |
2011 | 2010 | ||||||
Notes | December 31 | December 31 | January 1 | ||||
ASSETS | |||||||
CURRENT ASSETS | |||||||
Cash | $ 45 | $ 592 | $ 155 | ||||
Receivables and prepaids | 15 | 92 | 105 | 193 | |||
Marketable securities | 6 | 93 | 25 | - | |||
Royalty receivable - current portion | 7(b) | - | 50 | 50 | |||
Total Current Assets | 230 | 772 | 398 | ||||
NON-CURRENT ASSETS | |||||||
Mineral properties | 7 | 12,948 | 12,724 | 12,626 | |||
Deposit on asset acquisition | 7(c ) | - | 300 | - | |||
Equipment | 8 | 7 | 10 | 2 | |||
Royalty receivable - long-term portion | 7(b) | - | - | 46 | |||
Long-term investments | 9 | 92 | 94 | 143 | |||
Total Non-Current Assets | 13,047 | 13,128 | 12,817 | ||||
Total Assets | $ 13,277 | $ 13,900 | $ 13,215 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
CURRENT LIABILITIES | |||||||
Accounts payable and accrued liabilities | 15 | $ 524 | $ 532 | $ 607 | |||
Notes payable | 10 | 88 | 81 | 63 | |||
Flow-through obligations | 11 | 195 | 226 | 377 | |||
Derivative liability for warrants | 12 | - | 1,082 | 193 | |||
Total Liabilities | 807 | 1,921 | 1,240 | ||||
SHAREHOLDERS' EQUITY | |||||||
Share capital | 13 | 58,258 | 57,685 | 56,436 | |||
Reserve for share-based payments | 1,081 | 1,259 | 1,316 | ||||
Accumulated other comprehensive income | (54) | 10 | - | ||||
Deficit | (46,815) | (46,975) | (45,777) | ||||
Total Shareholders' Equity | 12,470 | 11,979 | 11,975 | ||||
Total Liabilities and Shareholders' Equity | $ 13,277 | $ 13,900 | $ 13,215 | ||||
Refer to the accompanying notes to the consolidated financial statements. |
/s/ Bradford Cooke | /s/ William Price | |
Director | Director |
CANARC RESOURCE CORP. Consolidated Statements of Comprehensive Loss (expressed in thousands of United States dollars, except per share amounts) |
Years ended December 31, | ||||||
Notes | 2011 | 2010 | ||||
Expenses: | ||||||
Amortization | $ 3 | $ 1 | ||||
Corporate development | 46 | 12 | ||||
Employee and director remuneration | 15 | 424 | 383 | |||
Foreign exchange loss | 15 | 43 | ||||
General and administrative | 14 and 15 | 296 | 308 | |||
Shareholder relations | 80 | 62 | ||||
Share-based payments | 13(c ) and 15 | 241 | 143 | |||
Loss before the undernoted | (1,105) | (952) | ||||
Gain on disposition of long-term investment | - | 257 | ||||
Accretion of royalty receivable | 7(b) | - | 4 | |||
Write-off of equipment | 8 | - | (1) | |||
Write-off of GST recoveries | (25) | - | ||||
Due diligence costs on asset acquisition | 7(c ) | (60) | (20) | |||
Interest expense | 10 and 11 | (20) | (14) | |||
Flow-through financing costs | 11 | - | 150 | |||
Unrealized loss from derivative warrant liability | - | (913) | ||||
Loss before income tax | (1,210) | (1,489) | ||||
Deferred income tax recovery | 13(b) and 17 | 1 | 93 | |||
Net loss for the year | (1,209) | (1,396) | ||||
Other comprehensive (loss) income: | ||||||
Unrealized gain on available-for-sale securities | 6 | 71 | 10 | |||
Foreign currency translation adjustment | (135) | - | ||||
Comprehensive loss for the year | $ (1,273) | $ (1,386) | ||||
Basic and diluted loss per share | $ (0.01) | $ (0.02) | ||||
Weighted average number of common shares outstanding | 93,162,401 | 82,446,825 | ||||
Refer to the accompanying notes to the consolidated financial statements. |
CANARC RESOURCE CORP. Consolidated Statements of Shareholders’ Equity (expressed in thousands of United States dollars) |
Accumulated | ||||||||||||
Share Capital | Reserve for | Other | ||||||||||
Number of | Share-Based | Comprehensive | ||||||||||
Shares | Amount | Payments | Income (Loss) | Deficit | Total | |||||||
Balance, January 1, 2010 | 81,969,655 | $ 56,436 | $ 1,316 | $ - | $ (45,777) | $ 11,975 | ||||||
Private placement, net of share issuance costs | 8,500,000 | 1,244 | - | - | - | 1,244 | ||||||
Property acquisition | 221,235 | 24 | - | - | - | 24 | ||||||
Exercise of stock options | 20,000 | 4 | (2) | - | - | 2 | ||||||
Exercise of warrants | 275,000 | 66 | - | - | - | 66 | ||||||
Renunciation of flow-through expenditures | - | (89) | - | - | - | (89) | ||||||
Share-based payments | - | - | 143 | - | - | 143 | ||||||
Expiry of stock options | - | - | (198) | - | 198 | - | ||||||
Other comprehensive income | - | - | - | 10 | - | 10 | ||||||
Net loss for the year | - | - | - | - | (1,396) | (1,396) | ||||||
Balance, December 31, 2010 | 90,985,890 | 57,685 | 1,259 | 10 | (46,975) | 11,979 | ||||||
Conversion of convertible debenture | 1,282,051 | 291 | - | - | - | 291 | ||||||
Property acquisition | 215,580 | 24 | - | - | - | 24 | ||||||
Exercise of stock options | 299,000 | 54 | (22) | - | - | 32 | ||||||
Exercise of warrants | 1,313,650 | 205 | - | - | - | 205 | ||||||
Renunciation of flow-through expenditures | - | (1) | - | - | - | (1) | ||||||
Share-based payments | - | - | 241 | - | - | 241 | ||||||
Expiry of stock options | - | - | (397) | - | 397 | - | ||||||
Effect from change in functional currency | - | - | - | - | (110) | (110) | ||||||
Other comprehensive income: | ||||||||||||
Unrealized gain on available-for-sale securities | - | - | - | 71 | - | 71 | ||||||
Foreign currency translation adjustment | - | - | - | (135) | - | (135) | ||||||
Elimination of derivative liability (Note 12) | - | - | - | - | 1,082 | 1,082 | ||||||
Net loss for the year | - | - | - | - | (1,209) | (1,209) | ||||||
Balance, December 31, 2011 | 94,096,171 | $ 58,258 | $ 1,081 | $ (54) | $ (46,815) | $ 12,470 | ||||||
Refer to the accompanying notes to the consolidated financial statements. |
CANARC RESOURCE CORP. Consolidated Statements of Cash Flows (expressed in thousands of United States dollars) |
Years ended December 31, | |||||||
2011 | 2010 | ||||||
Cash provided from (used for): | |||||||
Operations: | |||||||
Net loss for the year | $ (1,209) | $ (1,396) | |||||
Items not involving cash: | |||||||
Accretion of royalty receivables | - | (4) | |||||
Accrued interest | 10 | 14 | |||||
Amortization | 3 | 1 | |||||
Share-based payments | 241 | 143 | |||||
Gain on disposition of long term investments | - | (257) | |||||
Flow through financing costs | - | (150) | |||||
Deferred income tax recovery | (1) | (93) | |||||
Unrealized gain on derivative liability for warrants | - | 913 | |||||
Unrealized currency translation gain | - | 8 | |||||
Write-off of GST recoveries | 25 | - | |||||
Write-off of equipment | - | 1 | |||||
(931) | (820) | ||||||
Changes in non-cash working capital items: | |||||||
Receivables and prepaids | (12) | 25 | |||||
Accounts payable and accrued liabilities | (8) | (85) | |||||
Flow through obligations | (39) | - | |||||
Cash used by operating activities | (990) | (880) | |||||
Financing: | |||||||
Issuance of common shares, net of share issuance costs | 528 | 1,287 | |||||
Investing: | |||||||
Proceeds from royalty receivable | 50 | 50 | |||||
Proceeds from disposition of long term investments | - | 306 | |||||
Mineral properties, net of recoveries | (435) | (26) | |||||
Disposition of asset held for sale, net of acquisition | 300 | (300) | |||||
Cash (used by) provided from investing activities | (85) | 30 | |||||
(Decrease) increase in cash | (547) | 437 | |||||
Cash, beginning of year | 592 | 155 | |||||
Cash, end of year | $ 45 | $ 592 | |||||
Refer to the accompanying notes to the consolidated financial statements. |
CANARC RESOURCE CORP. Consolidated Statements of Cash Flows (expressed in thousands of United States dollars) |
Years ended December 31, | |||||||
Notes | 2011 | 2010 | |||||
Non-cash financing and investing activities: | |||||||
Accrual of acquisition of equipment | $ - | $ 10 | |||||
Available-for-sale securities received from optioned mineral property interests | 7(a)(ii) | - | 15 | ||||
Issuance of shares for mineral property interests | 7(a)(ii) | 24 | 24 | ||||
Accounts receivable adjustment to mineral property interests | - | (63) | |||||
Fair value of allocated to shares issued on exercise of: | |||||||
Stock options | 22 | 2 | |||||
Warrants | - | 24 | |||||
Expiration of stock options | 397 | 198 | |||||
Income taxes paid | - | - | |||||
Interest paid | 9 | - | |||||
Refer to the accompanying notes to the consolidated financial statements. |
CANARC RESOURCE CORP. Notes to the Consolidated Financial Statements Years ended December 31, 2011 and 2010 (tabular dollar amounts expressed in thousands of United States dollars, except per share amounts) |
Canarc Resource Corp. (the “Company”), a company incorporated under the laws of British Columbia on January 22, 1987, is in the mineral exploration business and has not yet determined whether its mineral properties contain reserves. The recoverability of amounts capitalized for mineral properties is dependent upon the existence of reserves in its mineral properties, the ability of the Company to arrange appropriate financing and receive necessary permitting for the exploration and development of its properties, and upon future profitable production or proceeds from the disposition thereof. The Company’s registered and corporate office is in Vancouver, BC, Canada.
Canarc Resource Corp. | Page 10 | |
CANARC RESOURCE CORP. Notes to the Consolidated Financial Statements Years ended December 31, 2011 and 2010 (tabular dollar amounts expressed in thousands of United States dollars, except per share amounts) |
Ÿ | Revenue and expense items at the rate of exchange in effect on the transaction date; |
Ÿ | Non-monetary assets and liabilities at historical exchange rates, unless such items are carried at market, in which case they are translated at the exchange rate in effect on the statement of financial position date; and |
Ÿ | Monetary assets and liabilities at the exchange rate at the statement of financial position date. |
Ÿ | Revenue and expense items at the rate of exchange in effect on the transaction date; |
Ÿ | Monetary assets and liabilities at the exchange rate at the statement of financial position date; |
Ÿ | Non-monetary assets and liabilities at the historical exchange rates, unless such items are carried at fair value, in which case they are translated at the date when the fair value was determined; and |
Ÿ | Shareholders’ equity items at historical exchange rates. |
Canarc Resource Corp. | Page 11 | |
CANARC RESOURCE CORP. Notes to the Consolidated Financial Statements Years ended December 31, 2011 and 2010 (tabular dollar amounts expressed in thousands of United States dollars, except per share amounts) |
(e) | Critical accounting estimates: |
Canarc Resource Corp. | Page 12 | |
CANARC RESOURCE CORP. Notes to the Consolidated Financial Statements Years ended December 31, 2011 and 2010 (tabular dollar amounts expressed in thousands of United States dollars, except per share amounts) |
· | Debt instruments meeting both a “business model” test and a “cash flow characteristics” test are measured at amortized cost (the use of fair value is optional in some limited circumstances). |
· | Investments in equity instruments can be designated as “fair value through other comprehensive income” with only dividends being recognized in profit or loss. |
· | All other instruments (including all derivatives) are measured at fair value with changes recognized in the profit or loss. |
· | The concept of “embedded derivatives” does not apply to financial assets within the scope of the standard and the entire instrument must be classified and measured in accordance with the above guidelines. |
Canarc Resource Corp. | Page 13 | |
CANARC RESOURCE CORP. Notes to the Consolidated Financial Statements Years ended December 31, 2011 and 2010 (tabular dollar amounts expressed in thousands of United States dollars, except per share amounts) |
· | A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement (joint operators) have rights to the assets, and obligations for the liabilities, relating to the arrangement. Joint operators recognize their assets, liabilities, revenue and expenses in relation to its interest in a joint operation (including their share of any such items arising jointly). |
· | A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement (joint venturers) have rights to the net assets of the arrangement. A joint venturer applies the equity method of accounting for its investment in a joint venture in accordance with IAS 28 Investments in Associates and Joint Ventures (2011). Unlike IAS 31, the use of “proportionate consolidation” to account for joint ventures is not permitted. |
Canarc Resource Corp. | Page 14 | |
CANARC RESOURCE CORP. Notes to the Consolidated Financial Statements Years ended December 31, 2011 and 2010 (tabular dollar amounts expressed in thousands of United States dollars, except per share amounts) |
· | Significant judgments and assumptions - such as how control, joint control, significant influence has been determined. |
· | Interests in subsidiaries - including details of the structure of the group, risks associated with structured entities, changes in control, and so on. |
· | Interests in joint arrangements and associates - the nature, extent and financial effects of interests in joint arrangements and associates (including names, details and summarized financial information). |
· | Interests in unconsolidated structured entities - information to allow an understanding of the nature and extent of interests in unconsolidated structured entities and to evaluate the nature of, and changes in, the risks associated with its interests in unconsolidated structured entities. |
Canarc Resource Corp. | Page 15 | |
CANARC RESOURCE CORP. Notes to the Consolidated Financial Statements Years ended December 31, 2011 and 2010 (tabular dollar amounts expressed in thousands of United States dollars, except per share amounts) |
· | Level 1 - quoted prices in active markets for identical assets or liabilities that the entity can access at the measurement date. |
· | Level 2 - inputs other than quoted market prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. |
· | Level 3 - unobservable inputs for the asset or liability. |
Canarc Resource Corp. | Page 16 | |
CANARC RESOURCE CORP. Notes to the Consolidated Financial Statements Years ended December 31, 2011 and 2010 (tabular dollar amounts expressed in thousands of United States dollars, except per share amounts) |
(xi) | Severe Hyperinflation and Removal of Fixed Dates for First-time Adopters (Amendments to IFRS 1) |
· | Replace references to a fixed date of “January 1, 2004” with “the date of transition to IFRSs”, thus eliminating the need for companies adopting IFRSs for the first time to restate de-recognition transactions that occurred before the date of transition to IFRSs |
· | Provide guidance on how an entity should resume presenting financial statements in accordance with IFRSs after a period when the entity was unable to comply with IFRSs because its functional currency was subject to severe hyperinflation. |
Canarc Resource Corp. | Page 17 | |
CANARC RESOURCE CORP. Notes to the Consolidated Financial Statements Years ended December 31, 2011 and 2010 (tabular dollar amounts expressed in thousands of United States dollars, except per share amounts) |
· | Preserve the amendments made to IAS 1 in 2007 to require profit or loss and OCI to be presented together, i.e., either as a single “statement of profit or loss and comprehensive income”, or a separate “statement of profit or loss' and a 'statement of comprehensive income” – rather than requiring a single continuous statement as was proposed in the exposure draft. |
· | Require entities to group items presented in OCI based on whether they are potentially reclassifiable to profit or loss subsequently. i.e., those that might be reclassified and those that will not be reclassified. |
· | Require tax associated with items presented before tax to be shown separately for each of the two groups of OCI items (without changing the option to present items of OCI either before tax or net of tax). |
Canarc Resource Corp. | Page 18 | |
CANARC RESOURCE CORP. Notes to the Consolidated Financial Statements Years ended December 31, 2011 and 2010 (tabular dollar amounts expressed in thousands of United States dollars, except per share amounts) |
(b) | Financial instruments: |
Canarc Resource Corp. | Page 19 | |
CANARC RESOURCE CORP. Notes to the Consolidated Financial Statements Years ended December 31, 2011 and 2010 (tabular dollar amounts expressed in thousands of United States dollars, except per share amounts) |
(b) | Financial instruments: (continued) |
Canarc Resource Corp. | Page 20 | |
CANARC RESOURCE CORP. Notes to the Consolidated Financial Statements Years ended December 31, 2011 and 2010 (tabular dollar amounts expressed in thousands of United States dollars, except per share amounts) |
(b) | Financial instruments: (continued) |
Canarc Resource Corp. | Page 21 | |
CANARC RESOURCE CORP. Notes to the Consolidated Financial Statements Years ended December 31, 2011 and 2010 (tabular dollar amounts expressed in thousands of United States dollars, except per share amounts) |
(h) | Share-based payments: |
Canarc Resource Corp. | Page 22 | |
CANARC RESOURCE CORP. Notes to the Consolidated Financial Statements Years ended December 31, 2011 and 2010 (tabular dollar amounts expressed in thousands of United States dollars, except per share amounts) |
(h) | Share-based payments: (continued) |
(i) | Environmental rehabilitation: |
Canarc Resource Corp. | Page 23 | |
CANARC RESOURCE CORP. Notes to the Consolidated Financial Statements Years ended December 31, 2011 and 2010 (tabular dollar amounts expressed in thousands of United States dollars, except per share amounts) |
(k) | Provisions: |
(l) | Income taxes: |
4. | Management of Capital |
Canarc Resource Corp. | Page 24 | |
CANARC RESOURCE CORP. Notes to the Consolidated Financial Statements Years ended December 31, 2011 and 2010 (tabular dollar amounts expressed in thousands of United States dollars, except per share amounts) |
4. | Management of Capital (continued) |
5. | Management of Financial Risk |
Canarc Resource Corp. | Page 25 | |
CANARC RESOURCE CORP. Notes to the Consolidated Financial Statements Years ended December 31, 2011 and 2010 (tabular dollar amounts expressed in thousands of United States dollars, except per share amounts) |
5. | Management of Financial Risk (continued) |
Canarc Resource Corp. | Page 26 | |
CANARC RESOURCE CORP. Notes to the Consolidated Financial Statements Years ended December 31, 2011 and 2010 (tabular dollar amounts expressed in thousands of United States dollars, except per share amounts) |
5. | Management of Financial Risk (continued) |
Held in Canadian dollars | ||||
Cash | $ | 32 | ||
Accounts payable and accrued liabilities | (74 | ) | ||
Net assets (liabilities) | $ | (42 | ) |
(iii) | Other price risk: |
Canarc Resource Corp. | Page 27 | |
CANARC RESOURCE CORP. Notes to the Consolidated Financial Statements Years ended December 31, 2011 and 2010 (tabular dollar amounts expressed in thousands of United States dollars, except per share amounts) |
2011 | 2010 | |||||||||||
December 31 | December 31 | January 1 | ||||||||||
Balance, begin of period | $ | 25 | $ | - | $ | - | ||||||
Available-for-sale securities received from property option agreement | - | 14 | - | |||||||||
Unrealized gain on available-for-sale securities | 71 | 10 | - | |||||||||
Foreign currency translation adjustment | (3 | ) | 1 | - | ||||||||
Balance, end of period | $ | 93 | $ | 25 | $ | - |
British Columbia (Canada) | Yukon (Canada) | |||||||
New Polaris | Windfall Hills | Devil's Thumb | Tay-LP | Total | ||||
(Note 7(a)(i)) | (Note 7(a)(iii)) | (Note 7(a)(iv)) | (Note 7(a)(ii)) | |||||
Acquisition Costs: | ||||||||
Balance, January 1, 2010 | $ 3,605 | $ - | $ - | $ 25 | $ 3,630 | |||
Additions | - | - | - | 49 | 49 | |||
Balance, December 31, 2010 | 3,605 | - | - | 74 | 3,679 | |||
Additions | - | 67 | 6 | 72 | 145 | |||
Adjustments from change in functional currency | 295 | - | - | - | 295 | |||
Balance, December 31, 2011 | $ 3,900 | $ 67 | $ 6 | $ 146 | $ 4,119 | |||
Deferred Exploration Expenditures: | ||||||||
Balance, January 1, 2010 | $ 8,556 | $ - | $ - | $ 440 | $ 8,996 | |||
Additions, net of recoveries | 104 | - | - | (55) | 49 | |||
Balance, December 31, 2010 | 8,660 | - | - | 385 | 9,045 | |||
Additions | 166 | 106 | 15 | 48 | 335 | |||
Adjustments from change in functional currency | (541) | - | - | (10) | (551) | |||
Balance, December 31, 2011 | $ 8,285 | $ 106 | $ 15 | $ 423 | $ 8,829 | |||
Mineral property interests: | ||||||||
Balance, January 1, 2010 | $ 12,161 | $ - | $ - | $ 465 | $ 12,626 | |||
Balance, December 31, 2010 | 12,265 | - | - | 459 | 12,724 | |||
Balance, December 31, 2011 | 12,185 | 173 | 21 | 569 | 12,948 | |||
Canarc Resource Corp. | Page 28 | |
CANARC RESOURCE CORP. Notes to the Consolidated Financial Statements Years ended December 31, 2011 and 2010 (tabular dollar amounts expressed in thousands of United States dollars, except per share amounts) |
Canarc Resource Corp. | Page 29 | |
CANARC RESOURCE CORP. Notes to the Consolidated Financial Statements Years ended December 31, 2011 and 2010 (tabular dollar amounts expressed in thousands of United States dollars, except per share amounts) |
Canarc Resource Corp. | Page 30 | |
CANARC RESOURCE CORP. Notes to the Consolidated Financial Statements Years ended December 31, 2011 and 2010 (tabular dollar amounts expressed in thousands of United States dollars, except per share amounts) |
Present value of expected cash flows from royalties as at January 1, 2010 | $ | 96 | ||
Add: Accretion for the year | 4 | |||
Less: Royalty received during the year | (50 | ) | ||
Present value of expected cash flows from royalties as at December 31, 2010 | 50 | |||
Less: Royalty received during the year | (50 | ) | ||
Royalty receivable as at December 31, 2011 | $ | - | ||
Canarc Resource Corp. | Page 31 | |
CANARC RESOURCE CORP. Notes to the Consolidated Financial Statements Years ended December 31, 2011 and 2010 (tabular dollar amounts expressed in thousands of United States dollars, except per share amounts) |
Option | Option | Exploration | Advance Royalty | Net Smelter | Number of | |
Payments | Payments | Commitments (1) | Payments | Reduction | Shares | |
(CAD$000s) | (US$000s) | (CAD$000s) | (CAD$000s) | (US$000s) | ||
New Polaris (Note 7(a)(i)): | ||||||
Net profit interest reduction | 150,000 | |||||
or buydown | ||||||
Tay-LP (Note 7(a)(ii)): | ||||||
October 31, 2012 | $ 25 | $ 215 | ||||
October 31, 2013 | 850 | 600 | ||||
Annual advance royalty payments | ||||||
until commercial production | $ 25 | |||||
Net smelter reduction from 3% to 1.5% | $ 1,950 | |||||
Windfall Hills (Note 7(a)(iii)): | ||||||
Atna properties: | ||||||
April 12, 2012 | $ 100 | |||||
April 12, 2013 | 150 | |||||
April 12, 2014 | 200 | |||||
April 12, 2015 | 250 | |||||
Dunn properties: | ||||||
April 20, 2012 | 25 | |||||
April 20, 2013 | 35 | |||||
April 20, 2014 | 50 | |||||
April 20, 2015 | 125 | |||||
$ 1,110 | $ 700 | $ 815 | $ 25 | $ 1,950 | 150,000 |
(1) | Exploration commitments for the Tay-LP property are adjusted for management fees of 5% and 10% and exploration expenditures incurred by Cap-Ex. |
Canarc Resource Corp. | Page 32 | |
CANARC RESOURCE CORP. Notes to the Consolidated Financial Statements Years ended December 31, 2011 and 2010 (tabular dollar amounts expressed in thousands of United States dollars, except per share amounts) |
Canarc Resource Corp. | Page 33 | |
CANARC RESOURCE CORP. Notes to the Consolidated Financial Statements Years ended December 31, 2011 and 2010 (tabular dollar amounts expressed in thousands of United States dollars, except per share amounts) |
Accumulated | Net Book | |||||||||||
Cost | Amortization | Value | ||||||||||
Balance, January 1, 2010 | $ | 140 | $ | 138 | $ | 2 | ||||||
Additions | 10 | - | 10 | |||||||||
Dispositions | (140 | ) | (138 | ) | (2 | ) | ||||||
Balance, December 31, 2010 | 10 | - | 10 | |||||||||
Additions | - | 3 | (3 | ) | ||||||||
Balance, December 31, 2011 | $ | 10 | $ | 3 | $ | 7 |
Balance, January 1, 2010 | $ | 63 | ||
Add: | ||||
Accrued interest during the year | 7 | |||
Loan bonus | 7 | |||
Currency translation adjustment | 4 | |||
Balance, December 31, 2010 | 81 | |||
Add: Accrued interest during the year | 9 | |||
Less: Currency translation adjustment | (2 | ) | ||
Balance, December 31, 2011 | $ | 88 | ||
Canarc Resource Corp. | Page 34 | |
CANARC RESOURCE CORP. Notes to the Consolidated Financial Statements Years ended December 31, 2011 and 2010 (tabular dollar amounts expressed in thousands of United States dollars, except per share amounts) |
Balance, January 1, 2010 | $ | 193 | ||
Add: Unrealized gain from derivative warrants | 913 | |||
Less: Fair value from the exercise of derivative warrants | (24 | ) | ||
Balance, December 31, 2010 | 1,082 | |||
Less: Elimination of derivative liability for warrants due to change in functional currency | (1,082 | ) | ||
Balance, December 31, 2011 | $ | - |
Canarc Resource Corp. | Page 35 | |
CANARC RESOURCE CORP. Notes to the Consolidated Financial Statements Years ended December 31, 2011 and 2010 (tabular dollar amounts expressed in thousands of United States dollars, except per share amounts) |
(i) | In February 2011, the Company issued a convertible debenture for CAD$300,000 to Effisolar for the interest-free loan from Effisolar, which was then converted into 1,282,051 common shares of the Company on March 2, 2011. Note 7(c) provides further details. |
(ii) | In February 2010, the Company renounced CAD$475,200 in exploration expenditures from the proceeds of the flow-through private placements in 2009, resulting in the recognition of a deferred income tax recovery of approximately $113,000. |
Canarc Resource Corp. | Page 36 | |
CANARC RESOURCE CORP. Notes to the Consolidated Financial Statements Years ended December 31, 2011 and 2010 (tabular dollar amounts expressed in thousands of United States dollars, except per share amounts) |
2011 | 2010 | |||||||||||||||
Weighted | Weighted | |||||||||||||||
average | average | |||||||||||||||
exercise | exercise | |||||||||||||||
Number | price | Number | price | |||||||||||||
of Shares | (CAD$) | of Shares | (CAD$) | |||||||||||||
Outstanding balance, beginning of year | 9,410,000 | $ | 0.31 | 8,665,000 | $ | 0.38 | ||||||||||
Granted | 2,220,000 | $ | 0.14 | 2,740,000 | $ | 0.10 | ||||||||||
Exercised | (299,000 | ) | $ | 0.11 | (20,000 | ) | $ | 0.11 | ||||||||
Forfeited | (16,000 | ) | $ | 0.10 | (115,000 | ) | $ | 0.23 | ||||||||
Expired | (1,200,000 | ) | $ | 0.69 | (1,860,000 | ) | $ | 0.32 | ||||||||
Outstanding balance, end of year | 10,115,000 | $ | 0.24 | 9,410,000 | $ | 0.31 | ||||||||||
Exercise price range (CAD$) | $ | 0.10 - $0.74 | $ | 0.10 - $0.74 |
Canarc Resource Corp. | Page 37 | |
CANARC RESOURCE CORP. Notes to the Consolidated Financial Statements Years ended December 31, 2011 and 2010 (tabular dollar amounts expressed in thousands of United States dollars, except per share amounts) |
Options Outstanding | Options Exercisable | ||||||||||||
Weighted | Weighted | Weighted | Weighted | ||||||||||
Average | Average | Average | Average | ||||||||||
Exercise | Number | Remaining | Exercise | Number | Remaining | Exercise | |||||||
Prices | Outstanding at | Contractual Life | Prices | Exercisable at | Contractual Life | Prices | |||||||
(CAD$) | Dec 31, 2011 | (Number of Years) | (CAD$) | Dec 31, 2011 | (Number of Years) | (CAD$) | |||||||
$0.74 | 325,000 | 0.07 | $0.74 | 325,000 | 0.07 | $0.74 | |||||||
$0.54 | 1,065,000 | 0.46 | $0.54 | 1,065,000 | 0.46 | $0.54 | |||||||
$0.46 | 750,000 | 0.74 | $0.46 | 750,000 | 0.74 | $0.46 | |||||||
$0.29 | 1,730,000 | 1.37 | $0.29 | 1,730,000 | 1.37 | $0.29 | |||||||
$0.11 | 1,540,000 | 2.54 | $0.11 | 1,540,000 | 2.54 | $0.11 | |||||||
$0.10 | 2,520,000 | 3.69 | $0.10 | 1,448,000 | 3.69 | $0.10 | |||||||
$0.135 | 2,185,000 | 4.51 | $0.135 | 409,000 | 4.51 | $0.135 | |||||||
10,115,000 | 2.62 | $0.24 | 7,267,000 | 2.00 | $0.28 | ||||||||
2011 | 2010 | ||
Directors and officers | $ 225 | $ 133 | |
Employees | 16 | 10 | |
$ 241 | $ 143 |
Canarc Resource Corp. | Page 38 | |
CANARC RESOURCE CORP. Notes to the Consolidated Financial Statements Years ended December 31, 2011 and 2010 (tabular dollar amounts expressed in thousands of United States dollars, except per share amounts) |
2011 | 2010 | |||||||
Number of stock options granted | 2,220,000 | 2,740,000 | ||||||
Fair value of stock options granted (CAD$) | $ | 0.11 | $ | 0.08 | ||||
Market price of shares on grant date (CAD$) | $ | 0.14 | $ | 0.10 | ||||
Pre-vest forfeiture rate | 1.43 | % | 0.73 | % | ||||
Risk-free interest rate | 2.22 | % | 2.16 | % | ||||
Expected dividend yield | 0 | % | 0 | % | ||||
Expected stock price volatility | 108 | % | 105 | % | ||||
Expected option life in years | 4.86 | 4.87 |
At December 31, 2011, the Company had outstanding warrants as follows: |
Exercise | |||||||||||||||||||||||
Prices | Oustanding at | Oustanding at | |||||||||||||||||||||
(CAD$) | Expiry Dates | December 31, 2010 | Issued | Exercised | Expired | December 31, 2011 | |||||||||||||||||
$ | 0.15 | April 22, 2011 | 39,410 | - | (31,675 | ) | (7,735 | ) | - | ||||||||||||||
$ | 0.15 | October 22, 2011 | 202,160 | - | - | (202,160 | ) | - | |||||||||||||||
$ | 0.15 | April 22, 2011 | 2,319,140 | - | (1,185,975 | ) | (1,133,165 | ) | - | ||||||||||||||
$ | 0.165 | May 9, 2011 | 128,410 | - | (96,000 | ) | (32,410 | ) | - | ||||||||||||||
$ | 0.22 | June 13, 2012 | 4,250,000 | - | - | - | 4,250,000 | ||||||||||||||||
6,939,120 | - | (1,313,650 | ) | (1,375,470 | ) | 4,250,000 |
Canarc Resource Corp. | Page 39 | |
CANARC RESOURCE CORP. Notes to the Consolidated Financial Statements Years ended December 31, 2011 and 2010 (tabular dollar amounts expressed in thousands of United States dollars, except per share amounts) |
At December 31, 2010, the Company had outstanding warrants as follows: |
Exercise | |||||||||||||||||||||||
Prices | Oustanding at | Oustanding at | |||||||||||||||||||||
(CAD$) | Expiry Dates | December 31, 2009 | Issued | Exercised | Expired | December 31, 2010 | |||||||||||||||||
$ | 0.15 | June 1, 2010 | 500,000 | - | - | (500,000 | ) | - | |||||||||||||||
$ | 0.15 | April 22, 2011 | 39,410 | - | - | - | 39,410 | ||||||||||||||||
$ | 0.15 | October 22, 2011 | 202,160 | - | - | - | 202,160 | ||||||||||||||||
$ | 0.15 | April 22, 2011 | 2,568,140 | - | (249,000 | ) | - | 2,319,140 | |||||||||||||||
$ | 0.165 | May 9, 2011 | 154,410 | - | (26,000 | ) | - | 128,410 | |||||||||||||||
$ | 0.220 | June 13, 2012 | - | 4,250,000 | - | - | 4,250,000 | ||||||||||||||||
3,464,120 | 4,250,000 | (275,000 | ) | (500,000 | ) | 6,939,120 |
Number of Shares | |
Stock options (Note 13(c)) | 10,115,000 |
Warrants (Note 13(d)) | 4,250,000 |
Balance, December 31, 2011 | 14,365,000 |
Canarc Resource Corp. | Page 40 | |
CANARC RESOURCE CORP. Notes to the Consolidated Financial Statements Years ended December 31, 2011 and 2010 (tabular dollar amounts expressed in thousands of United States dollars, except per share amounts) |
Years ended December 31, | ||||||||
2011 | 2010 | |||||||
General and Administrative: | ||||||||
Accounting and audit | $ | 71 | $ | 69 | ||||
Legal | 80 | 62 | ||||||
Office and sundry | 93 | 121 | ||||||
Regulatory | 52 | 56 | ||||||
$ | 296 | $ | 308 | |||||
Years ended December 31, | Net balance receivable (payable) as at December 31, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Key management compensation: | ||||||||||||||||
Executive salaries and remuneration | $ | 473 | $ | 291 | $ | (14 | ) | $ | - | |||||||
Directors fees | 40 | 39 | (146 | ) | (109 | ) | ||||||||||
Share-based payments | 212 | 116 | - | - | ||||||||||||
$ | 725 | $ | 446 | $ | (160 | ) | $ | (109 | ) | |||||||
Legal fees incurred to a law firm in which a senior officer of the Company is a partner | $ | 72 | $ | 71 | $ | 83 | $ | 62 | ||||||||
Net office, sundry, rent and salary allocations recovered from (incurred to) company(s) sharing certain common director(s) | $ | 55 | $ | 88 | $ | 16 | $ | (4 | ) |
Canarc Resource Corp. | Page 41 | |
CANARC RESOURCE CORP. Notes to the Consolidated Financial Statements Years ended December 31, 2011 and 2010 (tabular dollar amounts expressed in thousands of United States dollars, except per share amounts) |
2011 | 2010 | |||||||||||||||||||||||
Canada | U.S.A. | Total | Canada | U.S.A. | Total | |||||||||||||||||||
Mineral property interests | $ | 12,910 | $ | - | $ | 12,910 | $ | 12,724 | $ | - | $ | 12,724 | ||||||||||||
Deposit on asset acquisition | - | - | - | - | 300 | 300 | ||||||||||||||||||
Equipment | 7 | - | 7 | 10 | - | 10 | ||||||||||||||||||
Total assets | 13,239 | - | 13,239 | 13,600 | 300 | 13,900 |
(a) | A reconciliation of income tax provision computed at Canadian statutory rates to the reported income tax provision is provided as follows: |
2011 | 2010 | |||||||
Loss for the year | $ | (1,210 | ) | $ | (1,489 | ) | ||
Canadian statutory tax rate | 26.5 | % | 28.5 | % | ||||
Income tax benefit computed at statutory rates | $ | (321 | ) | $ | (424 | ) | ||
Temporary differences | 17 | (74 | ) | |||||
Items non-deductible for income tax purposes | 70 | 238 | ||||||
Benefits of tax attributes and other items | 14 | 398 | ||||||
Unused tax losses and tax offsets not recognized in tax asset | 206 | 26 | ||||||
Effect of change in tax rate | 13 | 37 | ||||||
Effect of foreign exchange | - | (294 | ) | |||||
Deferred income tax recovery | $ | (1 | ) | $ | (93 | ) | ||
Canarc Resource Corp. | Page 42 | |
CANARC RESOURCE CORP. Notes to the Consolidated Financial Statements Years ended December 31, 2011 and 2010 (tabular dollar amounts expressed in thousands of United States dollars, except per share amounts) |
(b) | The tax effected items that give rise to significant portions of the deferred income tax assets and deferred income liabilities at December 31, 2011, December 31, 2010 and January 1, 2010 are presented below: |
December 31, | December 31, | January 1, | ||||||||||
2011 | 2010 | 2010 | ||||||||||
Deferred tax assets | ||||||||||||
Capital losses carried forward | $ | 7 | $ | - | $ | - | ||||||
Tax value over book value of equipment | 101 | 102 | - | |||||||||
Deferred tax assets | 108 | 102 | - | |||||||||
Deferred tax liabilities | ||||||||||||
Book value over tax value of marketable securities | (7 | ) | - | - | ||||||||
Book value over tax value of mineral properties | (101 | ) | (102 | ) | - | |||||||
Deferred tax liabilities | (108 | ) | (102 | ) | ||||||||
Net deferred tax assets | $ | - | $ | - | $ | - |
(c) | The Company recognizes tax benefits on losses or other deductible amounts where the probable criteria for the recognition of deferred tax assets have been met. The Company’s unrecognized deductible temporary differences and unused tax losses for which no deferred tax asset is recognized consist of the following amounts: |
December 31, | December 31, | January 1, | ||||||||||
2011 | 2010 | 2010 | ||||||||||
Non-capital losses | $ | 7,455 | $ | 6,746 | $ | 6,512 | ||||||
Capital losses | 20 | 49 | 46 | |||||||||
Share issue costs | 70 | 99 | 213 | |||||||||
Tax value over book value of mineral properties | 716 | 732 | 480 | |||||||||
Tax value over book value of equipment | 1,226 | 1,256 | 1,526 | |||||||||
Unrecognized deductible temporary differences | $ | 9,487 | $ | 8,882 | $ | 8,777 |
Canarc Resource Corp. | Page 43 | |
CANARC RESOURCE CORP. Notes to the Consolidated Financial Statements Years ended December 31, 2011 and 2010 (tabular dollar amounts expressed in thousands of United States dollars, except per share amounts) |
2014 | $ | 705 | |
2015 | 86 | ||
2026 | 766 | ||
2027 | 1,690 | ||
2028 | 774 | ||
2029 | 1,645 | ||
2030 | 932 | ||
2031 | 857 | ||
$ | 7,455 | ||
Canarc Resource Corp. | Page 44 | |
CANARC RESOURCE CORP. Notes to the Consolidated Financial Statements Years ended December 31, 2011 and 2010 (tabular dollar amounts expressed in thousands of United States dollars, except per share amounts) |
Canarc Resource Corp. | Page 45 | |
CANARC RESOURCE CORP. Notes to the Consolidated Financial Statements Years ended December 31, 2011 and 2010 (tabular dollar amounts expressed in thousands of United States dollars, except per share amounts) |
(i) | Warrants: |
(ii) | Share-based payments: |
(iii) | Income tax: |
Canarc Resource Corp. | Page 46 | |
CANARC RESOURCE CORP. Notes to the Consolidated Financial Statements Years ended December 31, 2011 and 2010 (tabular dollar amounts expressed in thousands of United States dollars, except per share amounts) |
(c) | Reconciliation from Canadian GAAP to IFRS: |
Canarc Resource Corp. | Page 47 | |
CANARC RESOURCE CORP. Notes to the Consolidated Financial Statements Years ended December 31, 2011 and 2010 (tabular dollar amounts expressed in thousands of United States dollars, except per share amounts) |
(c) | Reconciliation from Canadian GAAP to IFRS: (continued) |
(i) | The January 1, 2010 Canadian GAAP consolidated statement of financial position has been reconciled to IFRS as follows: |
January 1, 2010 | |||||
Canadian | Effect of Transition | ||||
Notes | GAAP | to IFRS | IFRS | ||
ASSETS | |||||
| |||||
CURRENT ASSETS |
| ||||
Cash | $ 155 | $ - | $ 155 | ||
Receivables and prepaids | 193 |
| 193 | ||
Royalty receivable - current portion | 50 |
| 50 | ||
Total Current Assets | 398 | - | 398 | ||
NON-CURRENT ASSETS |
| ||||
Mineral properties | 12,626 |
| 12,626 | ||
Equipment | 2 |
| 2 | ||
Royalty receivable - long-term portion | 46 |
| 46 | ||
Long-term investments | 143 |
| 143 | ||
Total Non-Current Assets | 12,817 | - | 12,817 | ||
Total Assets | $ 13,215 | $ - | $ 13,215 | ||
| |||||
LIABILITIES AND SHAREHOLDERS' EQUITY |
| ||||
| |||||
CURRENT LIABILITIES |
| ||||
Accounts payable and accrued liabilities | $ 607 | $ - | $ 607 | ||
Notes payable | 63 |
| 63 | ||
Flow-through obligation | 377 |
| 377 | ||
Derivative liability for warrants | 18(b)(i) | - | 193 | 193 | |
Total Current Liabilities | 1,047 | 193 | 1,240 | ||
| |||||
SHAREHOLDERS' EQUITY |
| ||||
Share capital | 56,436 |
| 56,436 | ||
Contributed surplus | 18(b)(ii) | 2,354 | (2,354) | - | |
Reserve for share-based payments | 18(b)(ii) | - | 1,316 | 1,316 | |
Deficit | 18(b)(i) and (ii) | (46,622) | 845 | (45,777) | |
Total Shareholders' Equity | 12,168 | (193) | 11,975 | ||
Total Liabilities and Shareholders' Equity | $ 13,215 | $ - | $ 13,215 |
Canarc Resource Corp. | Page 48 | |
CANARC RESOURCE CORP. Notes to the Consolidated Financial Statements Years ended December 31, 2011 and 2010 (tabular dollar amounts expressed in thousands of United States dollars, except per share amounts) |
(c) | Reconciliation from Canadian GAAP to IFRS: (continued) |
(ii) | The December 31, 2010 Canadian GAAP consolidated statement of financial position has been reconciled to IFRS as follows: |
December 31, 2010 | |||||
Canadian | Effect of Transition | ||||
Notes | GAAP | to IFRS | IFRS | ||
ASSETS | |||||
CURRENT ASSETS |
| ||||
Cash | $ 592 | $ - | $ 592 | ||
Receivables and prepaids | 105 |
| 105 | ||
Marketable securities | 25 |
| 25 | ||
Royalty receivable - current portion | 50 |
| 50 | ||
Total Current Assets | 772 | - | 772 | ||
NON-CURRENT ASSETS |
| ||||
Mineral properties | 12,724 |
| �� 12,724 | ||
Deposit on asset acquisition | 300 |
| 300 | ||
Equipment | 10 |
| 10 | ||
Royalty receivable - long-term portion | - |
| - | ||
Long-term investments | 94 |
| 94 | ||
Total Non-Current Assets | 13,128 | - | 13,128 | ||
Total Assets | $ 13,900 | $ - | $ 13,900 | ||
| |||||
LIABILITIES AND SHAREHOLDERS' EQUITY |
| ||||
| |||||
CURRENT LIABILITIES |
| ||||
Accounts payable and accrued liabilities | $ 532 | $ - | $ 532 | ||
Notes payable | 81 |
| 81 | ||
Flow-through obligation | 226 |
| 226 | ||
Derivative liability for warrants | 18(b)(i) | - | 1,082 | 1,082 | |
Total Current Liabilities | 839 | 1,082 | 1,921 | ||
Future income tax liability | 18(b)(iii) | 120 | (120) | - | |
Total Liabilities | 959 | 962 | 1,921 | ||
| |||||
SHAREHOLDERS' EQUITY |
| ||||
Share capital | 18(b) | 57,660 | 25 | 57,685 | |
Contributed surplus | 18(b)(ii) | 2,483 | (2,483) | - | |
Accumulated other comprehensive income | 10 |
| 10 | ||
Reserve for share-based payments | 18(b)(ii) | - | 1,259 | 1,259 | |
Deficit | 18(b) | (47,212) | 237 | (46,975) | |
Total Shareholders' Equity | 12,941 | (962) | 11,979 | ||
Total Liabilities and Shareholders' Equity | $ 13,900 | $ - | $ 13,900 |
Canarc Resource Corp. | Page 49 | |
CANARC RESOURCE CORP. Notes to the Consolidated Financial Statements Years ended December 31, 2011 and 2010 (tabular dollar amounts expressed in thousands of United States dollars, except per share amounts) |
(c) | Reconciliation from Canadian GAAP to IFRS: (continued) |
(iii) | The Canadian GAAP consolidated statement of comprehensive loss for the year ended December 31, 2010 has been reconciled to IFRS as follows: |
December 31, 2010 | |||||||
Canadian | Effect of Transition | ||||||
Notes | GAAP | to IFRS | IFRS | ||||
Expenses: | |||||||
Amortization | $ 1 | $ - | $ 1 | ||||
Corporate development | 12 | 12 | |||||
Employee and director remuneration | 383 | 383 | |||||
Foreign exchange loss | 43 | 43 | |||||
General and administrative | 308 | 308 | |||||
Shareholder relations | 62 | 62 | |||||
Share-based payments | 18(b)(ii) | 130 | 13 | 143 | |||
| |||||||
Loss before the undernoted | (939) | (13) | (952) | ||||
| |||||||
Gain on disposition of long-term investment | 257 |
| 257 | ||||
Accretion of royalty receivable | 4 |
| 4 | ||||
Write-off of equipment | (1) |
| (1) | ||||
Unrealized loss from derivative liability for warrants | 18(b)(i) | - | (913) | (913) | |||
Due diligence costs on asset acquisition | (20) |
| (20) | ||||
Interest expense | (14) |
| (14) | ||||
Flow-through financing costs | 150 |
| 150 | ||||
| |||||||
Loss before income tax | (563) | (926) | (1,489) | ||||
| |||||||
Future income tax expense | 18(b)(iii) | (27) | 120 | 93 | |||
| |||||||
Net loss for the year | (590) | (806) | (1,396) | ||||
| |||||||
Other comprehensive (loss) income: |
| ||||||
Unrealized gain on available-for-sale securities | 10 |
| 10 | ||||
| |||||||
Comprehensive loss for the year | $ (580) | $ (806) | $ (1,386) | ||||
| |||||||
Basic and diluted loss per share | $ (0.01) | $ (0.02) | |||||
Weighted average number of common shares outstanding | 82,446,825 | 82,446,825 |
Canarc Resource Corp. | Page 50 | |
CANARC RESOURCE CORP. Notes to the Consolidated Financial Statements Years ended December 31, 2011 and 2010 (tabular dollar amounts expressed in thousands of United States dollars, except per share amounts) |
CORPORATE INFORMATION |
Telephone: | (604) 685-9700 |
Facsimile: | (604) 685-9744 |
DIRECTORS | Bradford Cooke |
OFFICERS | Bradford Cooke ~ Chairman and Chief Executive Officer |
REGISTRAR AND | Computershare Investor Services Inc. |
TRANSFER AGENT | 3rd Floor, 510 Burrard Street |
AUDITORS | Smythe Ratcliffe LLP |
SOLICITORS AND | Vector Corporate Finance Lawyers |
SHARES LISTED | Trading Symbols |
TSX: | CCM |
OTC-BB: | CRCUF |
DBFrankfurt: | CAN |
Canarc Resource Corp. | Page 51 | |