Business
Archer Petroleum Corp. Closes Acquisition of Atlas Engineered Products Ltd.
Vancouver, British Columbia--(Newsfile Corp. - November 9, 2017) - ARCHER PETROLEUM CORP. (th...
About this update from Atlas Engineered Products Ltd.
[{"type":"text","content":"Archer Petroleum Corp. Closes Acquisition of Atlas Engineered Products Ltd.Changes Name to Atlas Engineered Products Ltd. & Lists as a Tier 1 Industrial Issuer on TSX Venture Exchange, Completes Financing of $4,254,400Vancouver, British Columbia--(Newsfile Corp. - November 9, 2017) - ARCHER PETROLEUM CORP. (the \"Company\") (TSXV: AEP) is pleased to announce that it has completed its acquisition of Atlas Engineered Products Ltd. (\"Atlas\") (the \"Transaction\") and concurrent private placement financing of 10,566,000 common shares at a price of $0.40 per share for gross proceeds of $4,254,400. As part of the Transaction, the Company will commence trading on the TSX Venture Exchange as a Tier 1 industrial issuer under the symbol \"AEP\" on November 9, 2017.Guy Champagne, President of Atlas, commented, \"We are very proud of this significant milestone. The Atlas RTO and related financing marks the first step in our acquisition and consolidation strategy to create Canada's largest network of truss and engineered wood products manufacturing and distribution facilities.\"Acquisition of AtlasUnder the terms of the Share Exchange Agreement (\"Definitive Agreement\"), the Company acquired all of the issued and outstanding shares of Atlas and, in consideration of which, the Company (A) paid the principal shareholders $1,000,000 and (B) issued a total of 8,047,764 common shares of the Company to the shareholders of Atlas (the \"Consideration Shares\"). The Consideration Shares represents twenty five percent (25%) of the issued and outstanding shares of the Company on closing of the transaction and Financing (as defined below).Concurrent with closing the Transaction, the Company issued 10,566,000 common shares of the Company at a price of $0.40 per share for gross proceeds of $4,254,400 (the \"Financing\"). In connection with the Financing, the Company paid finders a cash fee of $39,600 and issued finders a total of 380,700 common shares. The securities issued under the financing will be subject to a hold period expiring on March 7, 2018 pursuant to applicable Canadian securities laws.As part of the Transaction, the Company changed its name to \"Atlas Engineered Products Ltd.\"Directors, Officers and Stock OptionsAs a result of closing of the Transaction, Mohammad Hadi Abassi became the Chief Executive Officer and a director of the Compan...