Vancouver, Canada – December 7, 2020 –Canarc Resource Corp. (TSX: CCM, OTC-QB: CRCUF, Frankfurt: CAN) (“Canarc” or the “Company”) has received approval of the Toronto Stock Exchange (the “TSX”) for the name change and consolidation of the issued and outstanding common shares of the Company on the basis of one (1) post-consolidation common share for every five (5) pre-consolidation common shares (the “Consolidation”).  The Company’s name has been changed to Canagold Resources Ltd.

The Company’s common shares will begin trading under the new name on the TSX on a post-consolidated basis at market open on Tuesday, December 8, 2020, with a new CUSIP 136842101 and ISIN CA1368421014.  The Company will continue to trade under the symbol “CCM” on the TSX.  The Consolidation will reduce the number of outstanding common shares from 350,456,517 common shares to approximately 70,091,303 post-consolidation common shares on a non-diluted basis.  No fractional shares will be issued with any fraction of a share rounded up to the nearest whole number if 0.5 or greater and down to the nearest whole number if less than 0.5 of a share.

The Company’s currently outstanding convertible securities, including warrants, finders fee warrants and stock options along with the respective exercise prices will also be adjusted to give effect to the Consolidation.

No further action on the part of the shareholders will be required in order for the Company to implement the Consolidation.  Letters of transmittal describing the process by which registered shareholders may obtain new certificates representing their consolidated common shares were mailed to registered shareholders on September 22, 2020.  Common Shares held in uncertificated form by non-registered shareholders through brokerage accounts will be converted at the consolidation ratio through each shareholder’s brokerage account.  Non-registered shareholders should consult with their broker for further information.

Canarc is focused on creating shareholder value by advancing its attractive Canadian gold projects and monetizing its portfolio of gold projects in Nevada though sale or joint venture.

“Scott Eldridge” 

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Scott Eldridge, Chief Executive Officer
CANAGOLD RESOURCES LTD.

About Canarc – Canarc Resource Corp. is a growth-oriented gold exploration company focused on generating superior shareholder returns by discovering, exploring and developing strategic gold deposits in North America.  The Company is currently advancing two core assets, each with substantial gold resources, and has initiated a high impact exploration strategy to acquire and explore new properties that have district-scale gold discovery potential.  Canarc shares trade on the TSX: CCM and the OTCQB: CRCUF.

For More Information – Please contact:
Scott Eldridge, CEO
Toll Free: 1-877-684-9700 Tel: (604) 685-9700 Cell: (604) 722-5381
Email: scott@canarc.net Website: www.canagoldresources.com