ARK Arras Minerals Corp

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 24, 2014) - Archer Petroleum Corp. ("Archer" or the "Company") (TSX-VENTURE:ARK)(DBFrankfurt:A6VA) is pleased to announce that it has entered into a share exchange agreement (the "Agreement") with Global Resources Investments Ltd. ("GRIL"), a U.K. based company, pursuant to which Archer will, on closing, issue 6,000,000 common shares (no warrants) of Archer (the "Archer Shares") to GRIL at a deemed price of CDN $0.245 per share (CDN$1.47 million) in return for 802,095 ordinary shares of GRIL (the "GRIL Shares") at a deemed price of GBP£1.00 per share (CDN$1.84).

GRIL was established to fund investments in the junior mining and natural resources sectors worldwide, and intends to re-register as a public company and investment trust upon admission of its ordinary shares for listing on the London Stock Exchange. Closing of the Agreement is subject to certain conditions, including the admission of the ordinary shares of GRIL on the London Stock Exchange's main market for listed securities becoming effective.

Archer intends to use the net proceeds from the subsequent sale of GRIL Shares through the facilities of the London Stock Exchange to fund the acquisition of additional prospective tar sands in the United States, commence permitting on the Company's 100% owned Davenport project, and for general corporate purposes. As a term of the transaction, GRIL has agreed to certain resale restrictions on the Archer Shares it receives.

Any Archer Shares issued to GRIL in connection with the Agreement will be subject to a hold period of four months and one day under applicable Canadian securities laws.

About Archer Petroleum:

Archer is an independent energy company focused on exploration and development in North America. Archer Shares are listed on the TSXV under the symbol "ARK" and the DB Frankfurt exchange under "A6VA". Further information on Archer can be found on the Company's website at www.archerpetroleum.com.

ON BEHALF OF ARCHER PETROLEUM CORP.

Colin Bowkett, Director

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.

Forward-Looking Information

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the intention of GRIL and Archer to close the Agreement, Archer's intention to sell the GRIL Shares it receives in the event that the share exchange closes, and Archer's proposed use of proceeds of such sale. There are numerous risks and uncertainties that could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information, including, among other things: (i) the failure of the TSX Venture Exchange to approve the transaction; (ii) the failure of GRIL to obtain a listing of the GRIL Shares on the LSE; (iii) general economic and business conditions; and (iv) other factors beyond the Company's control. The Company cautions the reader that the above list of risk factors is not exhaustive. The forward-looking information contained in this release is made as of the date hereof and Archer is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States.

Archer Petroleum Corp.Colin Bowkett(604) 683-7588(604) 683-7589info@archerpetroleum.comwww.archerpetroleum.com

Grafico Azioni Arras Minerals (TSXV:ARK)
Storico
Da Dic 2024 a Gen 2025

Grafico Azioni Arras Minerals (TSXV:ARK)
Storico
Da Gen 2024 a Gen 2025