Archer Petroleum Corp. (Toronto Venture:ARK) has announced that, in addition to its ground-breaking oil-sands recovery technology that is currently finalizing commercial validation, the company intends to pursue, source and evaluate new potential projects in the energy sector in an effort to increase shareholder value, including but not limited to conventional oil and gas opportunities in the United States.
The company also announced that the board of directors has approved a proposed private placement offering of up to 5,000,000 units at a price of $0.05 per Unit for gross proceeds of $250,000.
Each unit will be comprised of one common share of the company and one-half of one transferable common share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share at $0.05 per share for a period of two years from the date of issue.
Subject to TSX Venture Exchange approval, the company may pay finders a fee consisting of cash and warrants from the proceeds of the proposed offering.
Proceeds of the offering will be used for working capital purposes and to source and evaluate potential projects in the energy sector.
Closing of the proposed offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including approval of the TSX Venture Exchange.
Recommended Reading
Buffett: ‘No Interest’ in Occidental Takeover, Praises 'Hallelujah!' Shale
2024-02-27 - Berkshire Hathaway’s Warren Buffett added that the U.S. electric power situation is “ominous.”
Kissler: OPEC+ Likely to Buoy Crude Prices—At Least Somewhat
2024-03-18 - By keeping its voluntary production cuts, OPEC+ is sending a clear signal that oil prices need to be sustainable for both producers and consumers.
Aramco Reports Second Highest Net Income for 2023
2024-03-15 - The year-on-year decline was due to lower crude oil prices and volumes sold and lower refining and chemicals margins.
NGL Growth Leads Enterprise Product Partners to Strong Fourth Quarter
2024-02-02 - Enterprise Product Partners executives are still waiting to receive final federal approval to go ahead with the company’s Sea Port Terminal Project.
Private Equity: Seeking ‘Scottie Pippen’ Plays, If Not Another Michael Jordan
2024-01-25 - The Permian’s Tier 1 acreage opportunities for startup E&Ps are dwindling. Investors are beginning to look elsewhere.