Archer Petroleum Announces Closing of Flow-Through Financing
Vancouver, British Columbia, CANADA (November 17, 2010) –
NOT FOR DISTRIBUTION TO A US NEWSWIRE SERVICE OR FOR DISSEMINATION IN THE UNITED STATES
Archer Petroleum Corp (TSX.V: ARK, OTCQX: APEUF, DB Frankfurt: A6VA), (the “Company”), is pleased to announce that it has closed its previously-announced non-brokered flow-through private placement (see news releases of October 13, 2010) (the "Offering").
The Company has issued 1,562,000 units ("Units") at a price of $0.18 per Unit for gross proceeds of $281,160. Each Unit will consist of one Flow-through Common Share (the “Flow- Through Shares”) and one‐half of a transferrable Common Share Purchase Warrant. Each Warrant may be exercised to acquire one non-Flow-through Common Share at a price of $0.25 per common share for a period of 18 months from the date of distribution. The Flow-Through Shares and Warrants are subject to a hold period expiring on March 17, 2011.
The Company intends to use the proceeds of the placement to incur Canadian Exploration Expenses or Canadian Development Expenses that may be renounced as Canadian Exploration Expense under the Income Tax Act (Canada) by December 31, 2010. In that regard, the proceeds will be used for drilling wells on the Radway Prospect in Alberta.
In connection with the Private Placement, Archer has paid to finder’s cash fees of $18,270 on that portion of the funds raised by the respective finder.
About Archer Petroleum:Archer Petroleum Corp. is an independent oil and gas company focused on exploration and development in North America. Archer’s assets include properties in the Western Canadian Sedimentary Basin of Alberta, the Permian Basin of West Texas, and the Bakken Shale of North Dakota. The Company’s shares are listed on the TSX Venture Exchange under the symbol “ARK” and the OTCQX under the symbol “APEUF” and the DB Frankfurt exchange under “A6VA”. Further information on Archer can be found on the company's website at www.archerpetroleum.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
ON BEHALF OF ARCHER PETROLEUM CORP.
"Colin Bowkett"
President
For further information contact:
Colin Bowkett
President
Archer Petroleum Corp.
Tel: (604) 683 - 7588
Fax: (604) 683 - 7589
info@archerpetroleum.com
www.archerpetroleum.com
or
Ali Sinawi
Tribeca Capital Partners Inc
1-866-944-8674
ali@tribecacap.com
www.tribecacap.com
or
Jamie Hyland
Tribeca Capital Partners Inc
1-866-944-8674
jamie@tribecacap.com
www.tribecacap.com
Although Archer believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Archer can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the failure to obtain necessary regulatory approvals, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), and commodity price, interest rate and exchange rate fluctuations. The forward-looking statements contained in this document are made as of the date hereof and Archer undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.