VANCOUVER, BC, November 28, 2022 – Archer Exploration Corp. (CSE: RCHR) (the “Company” or “Archer”) is pleased to announce that, as set out in the bulletin of the Canadian Securities Exchange (the “CSE“) on November 28, 2022, its common shares will resume trading on Tuesday, November 29, 2022.
The trading halt was imposed by the CSE, in connection with the Company’s announcement on July 13, 2022 that it had signed a definitive asset purchase agreement (the “Asset Purchase Agreement”), between the Company and Wallbridge Mining Company Limited (TSX: WM) (“Wallbridge”).
On November 18, 2022, the Company announced that it had completed the acquisition of all of the nickel assets, rights, and obligations from Wallbridge, including proceeds of approximately $2.65 million from the sale of shares that Wallbridge held in Lonmin Canada Inc. (the “Loncan Proceeds”). In addition to the Loncan Proceeds and pursuant to the Asset Purchase Agreement, the Company also closed its brokered private placement for gross proceeds of approximately $10.2 million. For further details regarding the Wallbridge transaction, Loncan Proceeds and brokered private placement, please refer to the Company’s news release dated November 18, 2022.
The Company announced on November 8, 2022, the completion of a consolidation (the “Consolidation”) of the common shares of Archer (the “Common Shares”) on the basis of one post-Consolidation Common Share for every three Common Shares issued and outstanding immediately prior to the Consolidation.
About Archer
Archer Exploration is a Ni-Cu-Co-PGE focused exploration and development company headquartered in Vancouver, Canada. The Company’s flagship and core asset is the Grasset Project, located within the Abitibi greenstone belt approximately 55 kilometres west-northwest of Matagami Quebec. In addition, the Company holds an extensive portfolio of 37 properties comprised of 309 square kilometres within 807 mining titles in the world-class mining district of Sudbury. The Company’s growth strategy is focused on the exploration and development of its nickel sulphide properties within its portfolio, as well as other battery metal assets it may acquire that fit its strategic criteria. Archer’s vision is to be a responsible nickel sulphide developer in stable pro-mining jurisdictions. Archer is committed to socially responsible exploration and development, working safely, ethically, and with integrity.
Archer is backed by Inventa Capital Corp., a Vancouver-based merchant bank founded in 2017 with the goal of discovering and funding opportunities in the resource sector. The common shares of Archer are listed on the CSE (symbol RCHR). Additional information about the Company is available on SEDAR (www.sedar.com) and on the Company’s website (www.archerexploration.com).
For more information, please contact:
Tom Meyer President and Chief Executive Officer
Tel: (604) 364-2215 2
Email: tmeyer@archerexploration.com
Cautionary Note Regarding Forward-Looking Statements
Neither the CSE nor its Market Regulator (as that term is defined in policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
The information contained herein contains “forward-looking statements” within the meaning of applicable securities legislation. “Forward-looking information” includes, but is not limited to, statements with respect to the activities, events or developments that Archer expects or anticipates will or may occur in the future. Generally, but not always, forward-looking information and statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negative connotation thereof or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation thereof.
Such forward-looking information and statements are based on numerous assumptions, including among others, that the results of planned exploration activities are as anticipated, the anticipated cost of planned exploration activities, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms, that third party contractors, equipment and supplies and governmental and other approvals required to conduct Archer’s planned exploration activities will be available on reasonable terms and in a timely manner. Although the assumptions made by Archer in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.
By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: risks associated with the conduct of the Company’s mining activities; regulatory, consent or permitting delays; risks relating to reliance on the Company’s management team and outside contractors; risks relating to project financing and equity issuances; risks and unknowns inherent in all mining projects; laws and regulations governing the environment, health and safety; the ability of the communities in which the Company operates to manage and cope with the implications of COVID-19; the economic and financial implications of COVID19 to the Company; operating or technical difficulties in connection with mining or development activities; employee relations, labour unrest or unavailability; the Company’s interactions with surrounding communities; the Company’s ability to successfully integrate acquired assets; the speculative nature of exploration and development; stock market volatility; conflicts of interest among certain directors and officers; lack of liquidity for shareholders of the Company; litigation risk; the ongoing military conflict in Ukraine; general economic factors (including inflationary pressure); the price of commodities; and the factors identified under the caption “Risk Factors” in the Company’s public disclosure documents.
The forward-looking information contained in this news release represents the expectations of Archer as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. Archer does not undertake any obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
