VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 11/25/14 -- Archer Petroleum Corp. (TSX VENTURE: ARK)(DBFrankfurt: A6VA) (the "Company") is pleased to announce that the Company has closed its private placement (the "Offering") announced on October 14 and November 11, 2014. An aggregate of 6,500,000 Units were issued at a price of $0.05 per Unit for gross proceeds of $325,000.
Each Unit consists of one common share ("Common Share") and one-half of one transferable share purchase warrant ("Warrant"). Each whole warrant entitles the holder thereof to acquire one Common Share in the capital of the Company at a price of $0.05 per Common Shares for a period of twenty-four (24) months following the closing of the Offering. Warrants will NOT be listed for trading.
The Company paid finder's fees totalling $15,312.50 equal to 7% of the gross proceeds received by Company from the sale of Common Shares and issued a total of 316,250 non-transferable finder's warrants (Finder's Warrants). Each Finder's Warrant entitles the holder thereof to purchase one Common shares at a price of $0.05 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.
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
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
