Business
Archer Exploration Closes $2 Million Non-Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - November 27, 2023) - Archer Exploration Corp. (CSE: RCHR) (OTCQB: RCHRF) (FSE: 6YR0) (the "Company" or "Archer")
About this update from Northx Nickel Corp.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - November 27, 2023) - Archer Exploration Corp. (CSE: RCHR) (OTCQB: RCHRF) (FSE: 6YR0) (the \"Company\" or \"Archer\") is pleased to announce that, further to its news releases dated October 23rd and November 15th, 2023, it has closed its non-brokered private placement (the \"Offering\") for gross proceeds of $2,038,030. Pursuant to the Offering, the Company issued: (i) 10,602,400 non flow-through units (the \"NFT Units\") at a price of $0.08 per NFT Unit, (ii) 5,998,200 flow-through units (the \"FT Units\") at a price of $0.09 per FT Unit, and (iii) 6,500,000 Quebec flow-through units (the \"QFT Units\") at a price of $0.10 per QFT Unit. Each NFT Unit is comprised of one common share in the capital of the Company (a \"Common Share\") and one non-transferable Common Share purchase warrant (a \"Warrant\"). Each FT Unit and QFT Unit is comprised of one Common Share that qualifies as a \"flow-through share\" within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the \"Tax Act\") and one Warrant. The Warrants comprising each of the NFT Units, FT Units and QFT Units are subject to the same terms, with each Warrant entitling the holder thereof to purchase one Common Share (a \"Warrant Share\") for a period of three (3) years from the date of issuance at an exercise price of $0.16 per Warrant Share. The gross proceeds from the sale of FT Units and QFT Units will be used by the Company to incur eligible \"Canadian exploration expenses\" that qualify as \"flow-through critical mineral mining expenditures\" as such terms are defined in the Tax Act (the \"Qualifying Expenditures\"), with all proceeds from the sale of QFT Units and FT Units used to incur Qualifying Expenditures on the Company's flagship Grasset Nickel Project in Quebec, Canada and the Company's nickel exploration assets located in the Sudbury Basin of Ontario, Canada, as applicable. All Qualifying Expenditures will be renounced in favour of the subscribers of the FT Units and CFT Units effective December 31, 2023 and incurred on or before December 31, 2024. The net proceeds from the sale of NFT Units will be used for general working capital purposes. Certain directors and officers of the Company (the \"Insiders\") participated in the Offering and purchased a total of 1,984,275 NFT Units and 222,200 FT Units. Par...