"the lower EXK share price goes, the less Canarc makes, right?"
Endeavour issued 2,147,239 common shares to Canarc. That's what Canarc "made" on the sale.
The shares are now with Canarc and, indeed, will fluctuate with the market. Let's all hope the shares will be used in another acquisition soon rather than on company "expenses".
Heavy on the "soon".