| Home : September 2010 : September 23, 2010 News : Archean Star Resources Inc.: Kent Re-Prices Archean Star Plan of Arrangement Financing |
Archean Star Resources Inc.: Kent Re-Prices Archean Star Plan of Arrangement Financing |
September 23, 2010
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 22, 2010) - Kent Exploration Inc. (the "Company" or "Kent") reports that it has reduced the non-brokered private placement required to implement the Archean Star Resources Inc ("Archean") Plan of Arrangement (the "Arrangement") Financing from the planned up to 10,000,000 Units at $0.25 cents per Unit, to 7,000,000 Units at $0.15 cents per Unit for gross proceeds of $1,050,000. The original financing announced in the Company's news release KEX2010-13 was delayed due to market conditions caused primarily by the Australian Government's proposal to introduce a Super Profits Tax on the Australian mining industry in early May 2010. This proposal was subsequently rescinded and replaced by a Resource Rental Tax, which applies only to the coal and iron ore industries, and does not affect the Australian gold exploration and mining industry.
http://www.marketwire.com/mw/release.do?id=1323660&sourceType=3
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