Archean Star Resources Inc.

Archean Star Resources Inc.

November 21, 2011 18:47 ET

Archean Star Closes 13 Million Unit Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 21, 2011) - Archean Star Resources Inc. (TSX VENTURE:ASP) ("Archean" or the "Company") announces that, subject to acceptance for filing of the final documentation by the TSX Venture Exchange ("TSX-V"), it has closed its previously announced non-brokered Private Placement consisting up to 13,000,000 Units at $0.08 cents per Unit for gross proceeds of $1,040,000.

The proceeds from the financing are to be used for the Gnaweeda Gold Project and for general and corporate purposes.

Each unit consists of one (1) common share and one (1) non-transferable common share purchase warrant. Each warrant is exercisable for a period of one (1) year from closing and will entitle the holder to purchase one additional common share in the capital stock of the Company at a price of $0.18 per common share. Shares subscribed for in the private placement are subject to a four (4) month plus one day hold period.

Pursuant to the policies of the TSX-V, the Company has paid $68,800 and 1,075,000 B Warrants in finder fees on this Placement.

Archean Star Resources Inc. is a junior exploration company that, through its wholly owned subsidiary, Archean Star Resources Australia Pty Ltd, has entered into an Option Agreement, subject to a 75% back in right, to earn 100% of Teck Australia Pty Ltd's interest in Chalice Gold Mines Limited's Gnaweeda Gold Project in West Australia. Kent Exploration Inc. (TSX VENTURE:KEX) holds approximately 10,000,000 shares, or 22% of the outstanding common shares of Archean.

This news release has been prepared on behalf of the Archean Star Resources Inc. Board of Directors, which accepts full responsibility for its contents.


Graeme O'Neill, 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.

Contact Information

  • Archean Star Resources Inc.
    Graeme O'Neill
    (604) 684-3394
    (888) 282-7763 (FAX)