Business
Archer Exploration Announces Marketed Private Placement of a Minimum of $10 Million and Provides Transaction Update
VANCOUVER, BC, Oct. 20, 2022 /CNW/ - Archer Exploration Corp.(CSE: RCHR) ("Archer") is pleased to announce that it has engaged Canaccord Genuity Corp. and a syn
About this update from Northx Nickel Corp.
[{"type":"text","content":" VANCOUVER, BC, Oct. 20, 2022 /CNW/ - Archer Exploration Corp.(CSE: RCHR) (\"Archer\") is pleased to announce that it has engaged Canaccord Genuity Corp. and a syndicate of agents to be appointed (the \"Agents\") to market a private placement of special warrants for aggregate gross proceeds of a minimum of $10,000,000 (the \"Offering\"). Archer is also pleased to provide an update on its proposed acquisition of certain nickel assets, rights and obligations located in Quebec and Ontario from Wallbridge Mining Company Limited (\"Wallbridge\"). The Offering The Agents will market, on a best efforts basis, a private placement of special and flow-through special warrants of Archer (collectively the \"Offered Securities\") for aggregate gross proceeds of a minimum of $10,000,000. The Offering will be priced in the context of the market with the final terms of the Offering to be determined at the time of pricing. In addition, Archer will grant to the Agents an option, exercisable in whole or in part at any time up to two days prior to closing of the Offering, to offer an additional number of Offered Securities representing 15% of the Offering, on the same terms as the Offering. The net proceeds of the Offering will be used for exploration and development of the Nickel Assets (as defined below) and for working capital purposes. The closing of the Offering is anticipated to occur immediately prior to or contemporaneously with the closing of the Acquisition (as defined below), which is expected to be on or about November 15, 2022 (the \"Closing Date\") and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals, including the acceptance of the Canadian Securities Exchange. Each Offered Security will be automatically exercised into equity securities of the Company (the \"Underlying Securities\") on the date that is the earlier of: (i) the date that is three business days following the date on which the Company obtains a receipt (the \"Final Receipt\") from the British Columbia Securities Commission for a short form prospectus (the \"Qualification Prospectus\"), qualifying the distribution of the Underlying Securities and (ii) the date that is 4 months and one day following the Closing Date. The Offered Securities (and the Underlying Securities) will be subject to a hold p...