VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 10/13/14 -- Archer Petroleum Corp. (TSX VENTURE: ARK)(DBFrankfurt: A6VA) (the "Company") is pleased to announce that, in addition to its ground-breaking oil-sands recovery technology that is currently finalizing commercial validation, the Company intends to pursue, source and evaluate new potential projects in the energy sector in an effort to increase shareholder value, including but not limited to conventional oil and gas opportunities in the United States.
The Company also wishes to announce that the board of directors have approved a proposed private placement offering of up to 5,000,000 units (the "Units") at a price of $0.05 per Unit for gross proceeds of $250,000 (the "Offering").
Each Unit will be comprised of one common share of the Company and one-half of one transferable common share purchase warrant (each whole share purchase warrant a "Warrant"), with each whole Warrant entitling the holder to purchase one additional common share at $0.05 per share for a period of two years from the date of the issue.
Subject to TSX Venture Exchange approval, the Company may pay finders a fee consisting of cash and warrants from the proceeds of the proposed Offering.
Proceeds of the Offering will be used for working capital purposes and to source and evaluate potential projects in the energy sector.
Closing of the proposed Offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including approval of the TSX Venture Exchange.
About Archer Petroleum:
Archer is an independent energy company focused on exploration and development in North America. Archer Shares are listed on the TSXV under the symbol "ARK" and the DB Frankfurt exchange under "A6VA". Further information on Archer can be found on the Company's website at www.archerpetroleum.com.
ON BEHALF OF ARCHER PETROLEUM CORP.
Colin Bowkett, President
Forward-Looking Statements
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Archer Petroleum cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to the Company's ability to complete proposed private placement financing. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Archer Petroleum undertakes no obligation to publicly update or revise forward-looking information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Contacts:
Colin Bowkett
Archer Petroleum Corp.
Tel: (604) 200-1022
info@archerpetroleum.com
www.archerpetroleum.com
