Business
Archer Exploration Announces Pricing of Fully Subscribed C$10 Million Private Placement and Provides Transaction Update
VANCOUVER, BC, Nov. 8, 2022 /CNW/ - Archer Exploration Corp. (CSE: RCHR) ("Archer") is pleased to announce that it has priced its fully subscribed C$10 million
About this update from Northx Nickel Corp.
[{"type":"text","content":" VANCOUVER, BC, Nov. 8, 2022 /CNW/ - Archer Exploration Corp. (CSE: RCHR) (\"Archer\") is pleased to announce that it has priced its fully subscribed C$10 million private placement offering previously announced on October 20, 2022 (the \"Offering\"). Pursuant to the amended terms, the Offering will consist of the sale of: (i) 4,545,455 non flow-through units of Archer (each, an \"NFT Unit\") at a price of C$0.66 per NFT Unit (the \"NFT Offering Price\"), (ii) 4,243,334 flow-through units of Archer (each, a \"FT Unit\") at a price of C$0.75 per FT Unit and (iii) 2,898,550 charity flow-through units of Archer (each, a \"Charity FT Unit\" and together with the NFT Units and FT Units, the \"Units\") at a price of C$1.38 per Charity FT Unit. Each FT Unit and Charity FT Unit will be issued as a \"flow-through share\" as defined in subsection 66(15) of the Income Tax Act (Canada). Aggregate gross proceeds of the Offering are expected to be at least C$10,182,500. Each Unit will consist of one common share of Archer (each, a \"Unit Share\") and one common share purchase warrant of Archer (each, a \"Warrant\"). Each Warrant will entitle the holder thereof to acquire one additional common share of Archer (each, a \"Warrant Share\") at a price of C$1.02 until the date which is 24 months following the Closing Date (as defined below). 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 proceeds from the issuance of the FT Units and Charity FT Units will be used to incur eligible \"Canadian exploration expenses\" that qualify as flow-through critical mineral mining expenditures. Archer has agreed to renounce such qualifying expenditures with an effective date of no later than December 31, 2022, in an aggregate amount of not less than the total amount of the gross proceeds raised from the issuance of FT Units and Charity FT Units. 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 18, 2022 (the \"Closing Date\") and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals. The Offering is being led by Canaccord Genuity Corp. ...