Archer Announces Private Placement And Stock Option Grant
Vancouver, British Columbia (June 8, 2021) – Archer Exploration Corp. (CSE: RCHR) (“Archer” or the “Company”) is pleased to announce a non-brokered private placement of up to 5,000,000 units (the “Units”) at a price of $0.20 per Unit to raise gross proceeds of up to $1,000,000 (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 exploration and project acquisition review and general working capital. The Company is advancing on 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 also advancing the review 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.
The Company has also granted a total of 1,000,313 stock options at an exercise price of $0.12 to officers and consultants of the Company. The stock options will expire after five years and vest over thirty-six months.
Contact Information: For more information and to sign-up to the mailing list, please contact:
Michael Brown, Chief Executive Officer
Tel: (778) 822-4345
Neither Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.