Pacific Arc Resources Announces Termination of Proposed Reverse Takeover with RocketFrac Cleantech

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.

John MacPhail, President, CEO & Director, Phone: [phone]