Business
Archer Exploration Enters into Letter Of Intent to Acquire Zanzui Nickel Project
Vancouver, British Columbia – TheNewswire - September 8, 2021 – Archer Exploration Corp. (CSE:RCHR) (CNSX:RCHR.CN) (“Archer” or the “Company”) is pleased to ann
About this update from Northx Nickel Corp.
[{"type":"text","content":"Vancouver, British Columbia – TheNewswire - September 8, 2021 – Archer Exploration Corp. (CSE:RCHR) (CNSX:RCHR.CN) (“Archer” or the “Company”) is pleased to announce that the Company has entered into a non-binding letter of intent (the “LOI”) dated September 7, 2021 with Echelon Minerals Ltd. (“Echelon”) pursuant to which the Company may acquire (the “Acquisition”) all of the issued and outstanding ordinary shares of Echelon (the “Echelon Shares”) by Archer (the “Transaction”). Echelon’s wholly owned subsidiary, Echelon Minerals (Tanzania) Limited (“Echelon Tz”) has acquired the rights to the Zanzui Prospecting Licence No PL 11627/2021 and PL 11628/2021. These tenements have a four year term from 2 July 2021, are renewable for an additional three years and cover approximately 90km2 of an ultramafic intrusive in Northern Tanzania. “This potential acquisition kick starts the company’s move to secure explore and develop “Electric Metals” projects in well endowed highly prospective provinces. Electric metals (nickel, copper, cobalt and vanadium) have a strategic role in the growing move towards decarbonisation, renewable energy generation and distribution, electric vehicles and batteries. All of these metal have tight supply forecasts in the future, and significant growth as adoption and transition to these technologies and networks is gaining momentum. This is expected to positively support metal prices,” stated Michael Brown, Archer CEO and Director. “This is an exciting time to be securing nickel projects and we look forward to updating the market as this and other potential transactions advance. Upon completion of the Transaction, Archer will acquire all of the Echelon Shares in exchange for common shares of Archer equal to approximately 12% of Archer’s issued and outstanding shares following completion of the Transaction and a potential concurrent financing. The parties have agreed to negotiate exclusively towards execution of a definitive agreement in respect of the Transaction. Pursuant to the LOI, (i) Archer will pay to Echelon a US$600,000 refundable deposit (the “Cash Deposit”) and (i) Echelon will transfer 100% of the Echelon Shares to Archer (the “Deposit Shares”). If the Transaction is not completed within 30 days following execution of the LOI for any reason other than the default by Archer of its obligations und...