Mr. Colin Bowkett reports
ARCHER CLOSES PRIVATE PLACEMENT FINANCING OF $325,000
Archer Petroleum Corp. has closed its private placement announced on Oct. 14 and Nov. 11, 2014. An aggregate of 6.5 million units were issued at a price of five cents per unit for gross proceeds of $325,000.
Each unit consists of one common share and one-half of one transferable share purchase warrant. Each whole warrant entitles the holder thereof to acquire one common share in the capital of the company at a price of five cents per common share for a period of 24 months following the closing of the offering. Warrants will not be listed for trading.
The company paid finders' fees totalling $15,312.50 equal to 7 per cent of the gross proceeds received by company from the sale of common shares and issued a total of 316,250 non-transferable finders' warrants. Each finder's warrant entitles the holder thereof to purchase one common share at a price of five cents for a period of 24 months following the closing of the offering.
The securities issued pursuant to the offering are subject to a holder period expiring on March 25, 2015.
Proceeds of the offering will be used for working capital purposes and to source and evaluate potential projects in the energy sector.
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