Afri-Can Marine Minerals has concluded private placement agreements totalling $1.75-million. The placements will be subscribed by European, Canadian and African investors.
The private placement consists of 8,333,333 units priced at 21 cents per share. Each unit consists of one share and one-half warrant. Each full warrant will entitle the bearer to acquire an additional share at 30 cents over a period of 18 months. The placement is subject to regulatory approval.
Proceeds from the private placement will be used mainly for the geological sampling programs of the Woduna concession (block J) and the Together Quando concession (block B). The main goal of these programs is to prove the presence of diamonds on the concessions and to begin the delineation of resources. The programs will be delineated as soon as Marine & Coastal provides the final interpretation of the geophysical survey carried on both concessions. Afri-Can’s management has undertaken negotiations with contractors for the sampling programs and intends to conclude an agreement in the near future.
Pierre Leveille, president and chief executive officer of the corporation, states that, “The success of the financing shows investors’ strong confidence in the quality of our Namibian concessions and the exploration work carried out to date.”
