The company has closed a private placement agreement totalling $550,000. The placement is following a transaction whereby a group of shareholders, comprising Afri-Can’s management, sold two million of their shares of Afri-Can to an important Canadian financial institution for 25 cents per share. Afri-Can’s management has agreed to reinvest the funds from the transaction in the corporation’s treasury, according to the terms of the private placement described below.
The private placement comprises two million units priced at 25 cents per share. Each unit consists of one share and one warrant. Each full warrant will entitle the bearer to acquire an additional share at 36 cents over a period of 18 months. The placement is subject to regulatory approval.
Proceeds from the private placement will be used mainly to further the exploration programs of the Woduna concession (block J) and the Together Quando concession (block B).
