Archean Star Resources Inc.
TSX VENTURE : ASP

Archean Star Resources Inc.

April 19, 2011 17:28 ET

Archean Star Resources Increases and Closes Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 19, 2011) - Archean Star Resources Inc. (TSX VENTURE:ASP) ("Archean" or the "Company") reports that it has increased its previously announced non-brokered private placement of 3,000,000 Units at $0.15 cents per Unit to 3,349,280 Units for gross proceeds of $502,392 and subject to TSX Venture Exchange (TSX-V) approval, has closed the final tranche of 2,395,000 Units for gross proceeds of $359,250.

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 $0.25 per common share. Shares subscribed for in the private placement are subject to a four (4) month plus one day hold period. Finder Fees may be payable pursuant to the policies of the TSX-V.

Pursuant to the policies of the TSX-V, the Company has paid $33,225 and 221,500 B Warrants in finder fees on this tranche.

The Company has granted 1,000,000 incentive stock options exercisable at $0.18 cents for a period of five years to directors, officers and consultants.

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

ON BEHALF OF THE BOARD

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
    President
    604-684-3394
    888-282-7763
    www.archeanstar.com