Pacific Arc Resources Ltd. has agreed to discontinue its claim against Faina Goldfields Inc.

VANCOUVER, BC, Nov. 15, 2021 /CNW/ - Pacific Arc Resources Ltd. (NEX: PAV.H) ("Pacific Arc" or the "Company") today announced that the Company has agreed to discontinue its claim against Faina Goldfields Inc. ("Faina") and entered into a settlement agreement (the "Settlement Agreement") with Faina with respect to a disputed claim pursuant to which Faina has agreed make a payment in cash and common shares in the capital of Faina (the "Faina Shares") on or prior to December 30, 2021.

The Settlement Agreement was a compromise between Faina and the Company with respect to a disputed claim about expenses incurred by Pacific Arc on behalf of Faina and the agreements and covenants contained in the Settlement Agreement are not in any manner to be construed as or be deemed to be an admission of liability or fault on the part of any of the parties thereto. 

Cautionary Note Regarding Forward Looking Statements

This news release contains certain forward-looking statements, Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or does not expect", "is expected", anticipates" or "does not anticipate" "plans", "estimates" or "intends" or stating that certain actions, events or results " may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be "forward-looking statements".

Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to materially differ from those reflected in the forward-looking statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.

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 release.

SOURCE Pacific Arc Resources Ltd.

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

Related Links

www.pacific-arc.com