Archean Star Closes 13 Million Unit Private Placement
22 November 2011 - 10:47AM
Marketwired
Archean Star Resources Inc. (TSX VENTURE:ASP) ("Archean" or the
"Company") announces that, subject to acceptance for filing of the
final documentation by the TSX Venture Exchange ("TSX-V"), it has
closed its previously announced non-brokered Private Placement
consisting up to 13,000,000 Units at $0.08 cents per Unit for gross
proceeds of $1,040,000.
The proceeds from the financing are to be used for the Gnaweeda
Gold Project and for general and corporate purposes.
Each unit consists of one (1) common share and one (1)
non-transferable common share purchase warrant. Each warrant is
exercisable for a period of one (1) year from closing and will
entitle the holder to purchase one additional common share in the
capital stock of the Company at a price of $0.18 per common share.
Shares subscribed for in the private placement are subject to a
four (4) month plus one day hold period.
Pursuant to the policies of the TSX-V, the Company has paid
$68,800 and 1,075,000 B Warrants in finder fees on this
Placement.
Archean Star Resources Inc. is a junior exploration company
that, through its wholly owned subsidiary, Archean Star Resources
Australia Pty Ltd, has entered into an Option Agreement, subject to
a 75% back in right, to earn 100% of Teck Australia Pty Ltd's
interest in Chalice Gold Mines Limited's Gnaweeda Gold Project in
West Australia. Kent Exploration Inc. (TSX VENTURE:KEX) holds
approximately 10,000,000 shares, or 22% of the outstanding common
shares of Archean.
This news release has been prepared on behalf of the Archean
Star Resources Inc. Board of Directors, which accepts full
responsibility for its contents.
ON BEHALF OF THE BOARD
Graeme O'Neill, President
Neither the TSX Venture Exchange, nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange), has reviewed, nor do they accept responsibility
for, the adequacy or accuracy of this news release.
Contacts: Archean Star Resources Inc. Graeme O'Neill President
(604) 684-3394 (888) 282-7763 (FAX)www.archeanstar.com
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