Canarc Resource Corp. (TSX: CCM, OTC-BB: CRCUF, Frankfurt: CAN) announced that it has received the approval of the Toronto Stock Exchange (the “TSX”) to make a normal course issuer bid (the “Bid”) to acquire up to 10,934,657 of its common shares (the “Common Shares”) through the facilities of the TSX.

As at June 8, 2018, there were 218,693,144 Common Shares issued and outstanding. The Company’s Bid to acquire up to 10,934,657 Common Shares represents approximately 5% of the issued and outstanding Common Shares, calculated in accordance with the rules of the TSX.

Purchases under the Bid may commence on June 21, 2018 and will terminate on June 20, 2019, or on such earlier date as the Bid is complete. The actual number of Common Shares purchased under the Bid and the timing of any such purchases will be at the Company’s discretion. Purchases of Common Shares will be made through the facilities of the TSX and other Canadian marketplaces, in accordance with the TSX rules. Subject to the TSX’s block purchase exception, on any trading day, purchases under the Bid will not exceed 23,893 Common Shares, such amount representing 25% of the average daily trading volume of the Common Shares of 95,571 for the six calendar months prior to the start of the Bid. The Company will pay the prevailing market price at the time of purchase for all Common Shares purchased under the bid, and all Common Shares purchased by the Company will be cancelled.

From February 8, 2017 to February 7, 2018, the Company acquired 2,644,500 Common Shares through open market transactions at the volume average weighted price of $0.08 per Common Share in a previous issuer bid, wherein the Company obtained TSX approval to acquire up to 10,859,479 Common Shares.

The Company’s board of directors believes that the Bid is an appropriate use of the Company’s available funds when the market price of the Common Shares does not fully reflect their underlying value. Any Common Shares purchased under the Bid will increase the proportionate equity interest of, and is intended to be advantageous to, all remaining shareholders.

Catalin Kilofliski