Archer Petroleum Corp. (TSXV: ARK.V) arranged a private placement of a convertible note whose principal amount is CA$180,000 with Global Resource Investment Trust Plc, a company insider, Archer Petroleum said.
Net proceeds should support working capital, the company said.
The note will mature two years from issuance and will bear interest at 11% per year, with interest payable every six months, the company added. The note is convertible to 900,000 common shares priced at 20 cents each, Archer Petroleum said.
The offer's completion is subject to TSX Venture Exchange approval, ...