Amarc Resources Ltd. entered into a second loan amendment agreement dated May 25, 2022, pursuant to which it has agreed to a $100,000 increase to an existing $1 million loan with the lender (loan), is a director and significant shareholder of the company (lender). The loan is unsecured, will bear interest at a rate of 10% per annum and is repayable on or before the earlier of November 26, 2024, the occurrence of a default or on achievement of financing milestones. In connection with the loan, Amarc will issue to the lender a loan bonus in the form of 1,176,470 warrants (bonus warrants), each entitling the holder to acquire one common share of Amarc for five years at a price of $0.085 per share. The bonus warrants will be subject to a four month hold
period commencing from the date of issuance thereof. The loan and bonus warrants are subject to acceptance by the TSX venture exchange. The proceeds will be used to pay the initial option requirement of $100,000 for a five BC mineral claims group option from an arm's length optionor. Total additional option payments are a further $900,000 at $100,000 per year.