Archean Star Resources Inc. Changes Name, Announces $4,000,000 Private Placement, And Issues Options
05.02.2014 | vom Unternehmen
Vancouver, February 5th, 2014 - Archean Star Resources Inc. (TSX.V: ASP) (“Archean Star”) has changed its name to Transatlantic Mining Corp. (TSX.V: TCO) (“Transatlantic” or the “Company”). The Company’s trading symbol will be changed from “ASP” to “TCO”.The common shares of the Company will commence trading on the TSX Venture Exchange under the new trading symbol TCO at the opening of the market on Wednesday, Feb. 5, 2014.
Furthermore, Transatlantic is arranging a non-brokered private placement of up to 20,000,000 shares (the "Shares") at a price of $0.20 per Share, for gross proceeds of up to $4,000,000 (the "Offering").
In connection with the Offering, subject to regulatory approval, the Company will pay certain eligible finders a cash commission up to an amount equal to seven percent (7%) of the gross proceeds raised under the Offering.
Proceeds of the placement will be applied to general working capital and the purchase of an interest in the Asongo Manganese project, announced on December 18, 2014 which is subject to exchange approval.
Aidan Nania, President & CEO commented:
“The name change reflects the Company’s new corporate strategy, to become a diversified industrial metal producer from assets located in the United States and West Africa. The terms of the Offering reflect investor support for the new strategy.”
All securities issued in connection with the Offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities law. The Offering is subject to a number of conditions including receipt of all necessary corporate and regulatory approvals, including approval of the TSX Venture Exchange.
The Company also announces that it has granted to directors, officers, consultants and management of the Company, stock options (the “Options”) to purchase a total of 5,000,000 common shares at a price of $0.20 per common share. The Options are exercisable for a period of five years ending February 5th, 2019 in accordance with the Company’s new stock option plan which is subject to approval by the Exchange and shareholders when the next meeting is convened.
Transatlantic Mining Corp. is a mineral exploration company focused on becoming the next diversified industrial metal producer. The Company’s holdings include an 88% interest, in the Gnaweeda Gold Project in Western Australia and an option to earn an 80% interest in AMCOR’s Monitor Copper, Gold and Silver project in the Coeur D’Alene Mining District in Idaho.
ON BEHALF OF THE BOARD OF TRANSATLANTIC MINING CORP.
Aidan Nania
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.
**NOT FOR DISSEMINATION IN THE UNITED STATES**
Contact:
Transatlantic Mining Corp.
800–1199 West Hastings Street
Vancouver, BC V6E 3T5
T: (604) 424-8257
F: (604) 357-1139
www.transatlanticmining.com