Non-brokered offering to finance exploration work on Monitor Property
By Devika Patel
Knoxville, Tenn., April 18 - Archean Star Resources Inc. said it settled a C$2 million non-brokered private placement of stock.
The company sold 10 million common shares at C$0.20 apiece, a 33.33% premium to the April 17 closing share price of C$0.15.
Proceeds will be used for exploration work on, and to earn an 80% interest in, the Monitor Property in the Coeur D'Alene Mining District of Idaho, for the proposed listing of the company's shares on the Australian Stock Exchange, for a A$300,000 drilling program on the Gnaweeda Gold Project and general corporate purposes
Archean is a gold exploration company based in Vancouver, B.C.
| Issuer: | Archean Star Resources Inc.
|
| Issue: | Common shares
|
| Amount: | C$2 million
|
| Shares: | 10 million
|
| Price: | C$0.20
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Settlement date: | April 18
|
| Stock symbol: | TSX Venture: ASP
|
| Stock price: | C$0.15 at close April 17
|
| Market capitalization: | C$9.39 million
|
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