Deal funds exploration, working capital, evaluating energy projects
By Toni Weeks
San Luis Obispo, Calif., Nov. 11 – Archer Petroleum Corp. said it will increase its previously announced private placement of units to C$300,000 from C$250,000.
The company will now sell 6 million units of one common share and one half-share warrant at C$0.05 each, with each whole warrant exercisable at C$0.05 for two years. The company announced the deal on Oct. 14, at which time it planned to sell 5 million units at the same price. The strike price is a 25% premium to the closing share price of C$0.04 on Oct. 10.
Proceeds will be used for the company’s exploration activities on its resource properties, for working capital and to source and evaluate potential projects in the energy sector, including conventional oil and gas opportunities in the United States.
The energy company is based in Vancouver, B.C.
| Issuer: | Archer Petroleum Corp.
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| Issue: | Units of one common share and a half-share warrant
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| Amount: | C$300,000
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| Units: | 6 million
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| Price: | C$0.05
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.05
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| Pricing date: | Oct. 14
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| Upsized: | Nov. 11
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| Stock symbol: | TSX Venture: ARK
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| Stock price: | C$0.04 at close Oct. 10
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| Market capitalization: | C$2.86 million
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