VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan 30, 2013) - Archean Star Resources Inc. ("Archean" or the "Company") (TSX VENTURE:ASP) announces that it has received final approval by the TSX Venture Exchange ("TSX-V") of its previously announced non-brokered Private Placement consisting of 8,333,333 Units at $0.06 cents per Unit for gross proceeds of $500,000.
Each unit consists of one (1) common share and one (1) transferable common share purchase warrant. Each warrant is exercisable for a period of two (2) years from closing and will entitle the holder to purchase one additional common share in the capital stock of the Company at a price of $0.12 per common share for a period of twenty four months. Shares subscribed for in the Private Placement are subject to a four (4) month plus one day hold period.
FSS Advisory Pty Ltd. and FSS Finance Pty Ltd of Brisbane Australia, subscribers to the private placement, hold 13.08% of Archean common shares and have become insiders of the Company.
Mr. Rob Tindall, through his beneficial ownership in both FSS Advisory Pty Ltd. and FSS Finance Pty Ltd, has also become an insider of the Company.
Finder Fees were paid to Element Capital consisting of Cash and Compensation Warrants pursuant to the policies of the TSX-V. Each Compensation Warrant will entitle the holder to purchase one (1) common share of the Company for a period of 24 months from the date of issuance at a price of $0.12 per Compensation Warrant.
The proceeds from the financing are to be used for completing the Monitor Option Agreement, for a winter work program on the Monitor Copper Gold Project, progressing towards a proposed listing of the Company''s Common shares on the Australian Stock Exchange (the "ASX") and making a Listing Application to the ASX, for general and corporate purposes, and the Gnaweeda Gold Project.
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 the Gnaweeda Gold Project in Western Australia and has entered into a binding Letter Agreement to acquire an 80% interest in a Mining Lease on the Monitor Copper Gold Project in the highly prolific Coeur D''Alene Mining district in Idaho, USA.
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