Archer Exploration Corp. (CNSX:RCHR.CN) (“Archer” or the “Company”) is pleased to announce a non-brokered private placement of up to 6,000,000 units (the “Units”) at a price of $0.25 per Unit to raise gross proceeds of up to $1,500,000 (the “Private Placement”).
Each Unit will consist of one common share and one-half common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder to acquire an additional common share for $0.50 for a period of twenty-four months from the date of closing of the Private Placement. The Warrants are subject to an accelerated expiry date, which comes into effect if the volume-weighted average trading price of the Company’s common shares on the Canadian Securities Exchange (the “CSE”) is equal to or greater than $0.75 for a period of ten consecutive trading days. If that event occurs, the Company may give an expiry acceleration notice (“Notice”) to Warrant holders and the expiry date of the Warrants will be deemed to be thirty days from the date of the Notice.
Proceeds of the Private Placement will be used for completing due diligence on the Zanzui Nickel Project as well as project acquisition review and general working capital. The Company is also planning exploration of its Caster project in Quebec, where airborne geophysics has identified significant anomalies with historical sampling indicating significant vanadium, titanium and iron potential (see Technical Report (NI 43-101) on the Caster Property, filed on Sedar.com on November 27, 2020). The Company is advancing with ongoing reviews of potential electric metals projects, which include copper, cobalt and nickel. The future demand for these metals is seen as extremely robust, with supply facing a number of significant constraints.
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