Archean Star Increases Previously Announced Private Placement
November 17 2011 - 5:08PM
Marketwired
Archean Star Resources Inc (TSX VENTURE:ASP) ("Archean" or the
"Company") announces that, due to a substantial oversubscription,
and subject to acceptance for filing by the TSX Venture Exchange
("TSX-V"), it is increasing its previously announced non-brokered
Private Placement consisting of up to 6,000,000 Units, at $0.08
cents per Unit, with each Unit consisting a one common share and
one common share purchase warrant exercisable at $0.18 cents, to up
to 13,000,000 Units at $0.08 cents per Unit for gross proceeds of
up to $1,044,000. All other terms and conditions of the previously
announced financing remain the same.
The proceeds from the financing are to be used for the Gnaweeda
Gold Project and for general and corporate purposes.
The Company has granted 600,000 incentive stock options
exercisable at $0.15 cents for five years to directors, officers
and consultants of the Company.
Archean Star Resources Inc. is a junior exploration company
that, through its wholly owned subsidiary, Archean Star Resources
Australia Pty Ltd, has entered into an Option Agreement, subject to
a 75% back in right, to earn 100% of Teck Australia Pty Ltd's
interest in Chalice Gold Mines Limited's Gnaweeda Gold Project in
West Australia. Kent Exploration Inc. (TSX VENTURE:KEX) with
approximately 10,000,000 shares, or 35% of the outstanding common
shares, is the controlling shareholder of Archean.
This News Release has been prepared on behalf of the Archean
Star Resources Inc. Board of Directors, which accepts full
responsibility for its contents.
ON BEHALF OF THE BOARD
Graeme O'Neill, President
Neither the TSX Venture Exchange, nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange), has reviewed, nor do they accept responsibility
for, the adequacy or accuracy of this news release.
Contacts: Archean Star Resources Inc. Graeme O'Neill President
(604) 684-3394 (888) 282-7763 (FAX)www.archeanstar.com
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