Canarc Resource Terminates LOI With Pan American Goldfields

Canarc Resource Corp. (TSX:CCM,OTCBB:CRCUF, FWB:CAN) has terminated its letter of intent with respect to a business combination with Pan American Goldfields Ltd. (OTCMKTS:MXOM). Canarc has decided to terminate the letter of intent as a result of its due diligence.

As quoted in the press release:

A conference call to discuss Canarc’s plans going forward with shareholders and investors has been scheduled for Wednesday May 7, 2014 at 11.30am PST (2.30pm EST).

Canarc CEO, Catalin Chiloflischi, said:

As a result of our comprehensive due diligence process completed to date, we have concluded that pursuing the proposed transaction with Pan American is not in the best interest of our shareholders. However, the Company remains prepared and committed to pursue other opportunities that can leverage our team’s mine building and operating expertise with a goal to transition Canarc into a successful producing gold-silver mining company.

Click here to read the Canarc Resource Corp. (TSX:CCM) press release