News... Kent Exploration Inc. : Kent: Archean Star Closes C$2M Financing
05/03/2013| 11:34am US/Eastern
Kent Exploration announces Archean Star closes C$2 million financing
Archean Star Resources Inc. (TSX.V: ASP) (the "Company" or "Archean") announces that, subject to the approval of the TSX Venture Exchange, it has closed a C$2 million dollar non-brokered private placement consisting of 10 million common shares of the Company at C$0.20 cents per share.
The net proceeds of the Financing, that is priced at a 25% premium to the Company's last traded market price are to be used for exploration work on, and to earn an 80% interest in, the Monitor Property in the Coeur D'Alene Mining District of Idaho, for the proposed listing of the Company's shares on the Australian Stock Exchange, for a AUD$300,000 drilling program, co-funded by the Western Australia Department of Mines and Petroleum, on the Gnaweeda Gold Project, at Meekatharra, in the Murchison Gold District in Western Australia, and for general and corporate purposes.
Hopgood Ganim of Brisbane Australia, have been engaged as Australian solicitors to the Company, which is currently preparing a prospectus to be lodged with the Australian Securities Investment Commission ("ASIC") along with a concurrent listing application in order to inter-list the Company's common shares on the ASX (the "ASX Listing")
Kent Exploration holds approximately 10 million shares of Archean Star Resources Inc